Jupiter Asset Management Ltd. Raises Stake 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. raised its stake in IMAX Corporation (NYSE:IMAX - Free Report) by 805.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 469,504 shares of the company's stock after buying an additional 417,677 shares during the period. Jupiter Asset Management Ltd. owned about 0.87% of IMAX worth $12,371,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV bought a new position in shares of IMAX during the 1st quarter valued at $59,000. Tower Research Capital LLC TRC grew its holdings in shares of IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock valued at $185,000 after purchasing an additional 5,832 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of IMAX during the 1st quarter valued at $202,000. State of Tennessee Department of Treasury grew its holdings in shares of IMAX by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock valued at $252,000 after purchasing an additional 1,627 shares during the last quarter. Finally, North Star Investment Management Corp. purchased a new stake in IMAX during the 1st quarter valued at $290,000. Institutional investors own 93.51% of the company's stock.

Wall Street Analyst Weigh In

IMAX has been the subject of several analyst reports. Roth Capital reissued a "buy" rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Wall Street Zen raised shares of IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Macquarie increased their price target on shares of IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a research report on Friday, July 25th. Finally, B. Riley reissued a "buy" rating and set a $36.00 price target on shares of IMAX in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $32.80.

IMAX Stock Down 2.2%

Shares of NYSE:IMAX traded down $0.55 on Tuesday, hitting $24.80. The company had a trading volume of 73,386 shares, compared to its average volume of 932,686. The firm's 50-day simple moving average is $27.57 and its two-hundred day simple moving average is $25.88. IMAX Corporation has a 1 year low of $18.76 and a 1 year high of $29.66. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 41.30, a P/E/G ratio of 1.78 and a beta of 0.81.

IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.19 by $0.07. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The firm had revenue of $91.68 million during the quarter, compared to analysts' expectations of $93.04 million. During the same period last year, the company posted $0.18 EPS. The company's quarterly revenue was up 3.1% compared to the same quarter last year. Equities research analysts anticipate that IMAX Corporation will post 0.91 EPS for the current year.

IMAX declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors 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.