Jane Street Group LLC Has $15.12 Million Stock Position in IMAX Corporation $IMAX

Key Points

• Jane Street Group LLC significantly increased its stake in IMAX Corporation by 2,496.9%, acquiring a total of 573,919 shares, worth approximately $15.12 million.
• In a recent analysis, several firms have set target prices for IMAX shares, with Wells Fargo raising its target to $34.00 while Goldman Sachs reaffirmed a sell rating.
• IMAX announced a stock repurchase plan allowing it to buy back up to $100 million worth of shares, indicating that the company views its stock as potentially undervalued.

Jane Street Group LLC boosted its holdings in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 2,496.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 573,919 shares of the company's stock after buying an additional 551,819 shares during the period. Jane Street Group LLC owned approximately 1.07% of IMAX worth $15,123,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV acquired a new position in IMAX in the 1st quarter worth about $59,000. Tower Research Capital LLC TRC increased its position in IMAX by 415.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after purchasing an additional 5,832 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in IMAX in the 1st quarter worth about $202,000. State of Tennessee Department of Treasury increased its position in IMAX by 19.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock worth $252,000 after purchasing an additional 1,627 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in IMAX in the 1st quarter worth about $289,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the sale, the insider owned 26,133 shares in the company, valued at $670,311.45. This represents a 36.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 23.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on IMAX shares. Wells Fargo & Company upped their target price on IMAX from $30.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Wall Street Zen lowered IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Rosenblatt Securities upped their target price on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a research report on Friday, July 25th. Finally, Roth Capital reissued a "buy" rating and set a $36.00 price objective on shares of IMAX in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.80.

IMAX Stock Performance

Shares of NYSE IMAX opened at $28.53 on Friday. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 47.55, a P/E/G ratio of 1.97 and a beta of 0.81. The business's 50-day simple moving average is $26.86 and its 200-day simple moving average is $26.13. IMAX Corporation has a 52 week low of $18.76 and a 52 week high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The business had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. During the same quarter in the prior year, the firm posted $0.18 EPS. The firm's revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX announced that its Board of Directors has authorized a stock repurchase plan on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.

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