Jupiter Asset Management Ltd. Has $12.37 Million Position in IMAX Corporation (NYSE:IMAX)

Key Points

• Jupiter Asset Management Ltd. increased its holdings in IMAX Corporation by 805.9% during the first quarter, acquiring an additional 417,677 shares and owning approximately 0.87% of the company worth $12.37 million.
• IMAX's recent quarterly earnings reported $0.26 EPS, exceeding analysts' estimates of $0.19, with a 3.1% increase in revenue year-over-year.
• The company's stock buyback program allows for the repurchase of up to $100 million in outstanding shares, indicating management's belief that the stock is currently undervalued.

Jupiter Asset Management Ltd. grew its position in IMAX Corporation (NYSE:IMAX - Free Report) by 805.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 469,504 shares of the company's stock after buying an additional 417,677 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.87% of IMAX worth $12,371,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in IMAX. Mission Wealth Management LP lifted its position in shares of IMAX by 2.9% in the first quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock worth $801,000 after purchasing an additional 845 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of IMAX by 3.4% in the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after purchasing an additional 848 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in IMAX by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock valued at $625,000 after acquiring an additional 905 shares in the last quarter. State of Tennessee Department of Treasury raised its position in IMAX by 19.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock valued at $252,000 after acquiring an additional 1,627 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV bought a new position in IMAX during the first quarter valued at approximately $59,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. B. Riley reaffirmed a "buy" rating and set a $36.00 price objective on shares of IMAX in a research report on Friday, May 16th. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a research report on Friday, July 25th. JPMorgan Chase & Co. cut their price objective on shares of IMAX from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Benchmark raised their price objective on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.80.

IMAX Price Performance

Shares of IMAX stock traded up $0.28 during midday trading on Thursday, hitting $24.79. The company had a trading volume of 59,740 shares, compared to its average volume of 932,157. The business's 50 day simple moving average is $27.45 and its two-hundred day simple moving average is $25.86. The stock has a market cap of $1.33 billion, a PE ratio of 41.33, a P/E/G ratio of 1.78 and a beta of 0.81. IMAX Corporation has a 1-year low of $18.76 and a 1-year high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.07. The business had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. IMAX's quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. On average, sell-side analysts expect that IMAX Corporation will post 0.91 EPS for the current fiscal year.

IMAX announced that its Board of Directors has initiated a stock repurchase program on Thursday, June 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is 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.