Keeley Teton Advisors LLC Purchases 16,047 Shares of IMAX Corporation $IMAX

Key Points

• Keeley Teton Advisors LLC increased its stake in IMAX Corporation by 27.4% during the first quarter, acquiring an additional 16,047 shares, bringing its total ownership to 74,521 shares valued at approximately $1.96 million.
• IMAX reported $0.26 earnings per share for the latest quarter, exceeding analysts' expectations of $0.19, with a revenue of $91.68 million.
• The company's Board of Directors approved a $100 million share buyback program, indicating the board's belief that IMAX's shares are currently undervalued.

Keeley Teton Advisors LLC grew its position in IMAX Corporation (NYSE:IMAX - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 74,521 shares of the company's stock after purchasing an additional 16,047 shares during the period. Keeley Teton Advisors LLC owned about 0.14% of IMAX worth $1,964,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of IMAX. Envestnet Asset Management Inc. raised its holdings in IMAX by 10.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 62,406 shares of the company's stock worth $1,598,000 after purchasing an additional 6,129 shares during the period. MetLife Investment Management LLC increased its position in shares of IMAX by 3.4% during the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after acquiring an additional 848 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of IMAX by 415.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after acquiring an additional 5,832 shares in the last quarter. State of Tennessee Department of Treasury increased its position in shares of IMAX by 19.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock worth $252,000 after acquiring an additional 1,627 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of IMAX by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,861 shares of the company's stock worth $432,000 after acquiring an additional 2,776 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at IMAX

In other news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the completion of the transaction, the insider owned 26,133 shares of the company's stock, valued at $670,311.45. This trade represents a 36.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 23.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

IMAX has been the subject of several research reports. Wedbush increased their price objective on shares of IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Roth Capital reissued a "buy" rating and set a $36.00 price objective on shares of IMAX in a research report on Wednesday, July 9th. Benchmark increased their price objective on shares of IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wall Street Zen downgraded shares of IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a research report on Friday, July 25th. One research 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 issued a Sell rating to the stock. According to data from MarketBeat.com, IMAX presently has an average rating of "Moderate Buy" and an average target price of $32.80.

IMAX Stock Performance

IMAX stock traded down $0.19 during mid-day trading on Friday, reaching $28.53. The company's stock had a trading volume of 1,024,901 shares, compared to its average volume of 955,334. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 47.55, a price-to-earnings-growth ratio of 1.97 and a beta of 0.81. IMAX Corporation has a 12 month low of $18.76 and a 12 month high of $29.66. The business's 50 day simple moving average is $26.86 and its 200 day simple moving average is $26.13.

IMAX (NYSE:IMAX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. The business had revenue of $91.68 million during 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%. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. As a group, sell-side analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

IMAX declared that its Board of Directors has approved a share repurchase plan on Thursday, June 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase 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.