Kingdon Capital Management L.L.C. Cuts Stock Holdings in IMAX Corporation $IMAX

Key Points

• Kingdon Capital Management L.L.C. reduced its stakes in IMAX Corporation by 10.1%, holding 449,500 shares after selling 50,500 shares in the first quarter.
• IMAX Corporation reported a $0.26 earnings per share for the latest quarter, surpassing analysts' expectations of $0.19, alongside a revenue of $91.68 million.
• The company's board has approved a $100 million share buyback plan, indicating confidence in the stock's valuation.

Kingdon Capital Management L.L.C. lowered its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 10.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 449,500 shares of the company's stock after selling 50,500 shares during the quarter. IMAX comprises about 1.3% of Kingdon Capital Management L.L.C.'s portfolio, making the stock its 14th largest position. Kingdon Capital Management L.L.C. owned about 0.84% of IMAX worth $11,844,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Neuberger Berman Group LLC lifted its position in IMAX by 4.1% during the 1st quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company's stock worth $365,000 after acquiring an additional 542 shares during the period. Mission Wealth Management LP lifted its position in IMAX by 2.9% during the 1st quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock worth $801,000 after acquiring an additional 845 shares during the period. MetLife Investment Management LLC lifted its position in IMAX by 3.4% during the 4th quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after acquiring an additional 848 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in IMAX by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock worth $625,000 after acquiring an additional 905 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in IMAX by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 104,510 shares of the company's stock worth $2,754,000 after acquiring an additional 1,309 shares during the period. Institutional investors and hedge funds own 93.51% of the company's stock.

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the business's 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 directly owned 26,133 shares in the company, valued at approximately $670,311.45. The trade was a 36.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.08% of the company's stock.

IMAX Price Performance

NYSE IMAX traded down $0.02 during trading hours on Wednesday, reaching $29.29. The company's stock had a trading volume of 926,090 shares, compared to its average volume of 942,536. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 48.81, a P/E/G ratio of 1.97 and a beta of 0.68. IMAX Corporation has a 1-year low of $18.76 and a 1-year high of $29.66. The company's 50-day moving average is $26.91 and its two-hundred day moving average is $26.16.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, topping 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 company had revenue of $91.68 million during the quarter, compared to analysts' expectations of $93.04 million. During the same quarter in the prior year, the firm posted $0.18 EPS. IMAX's quarterly revenue was up 3.1% compared to the same quarter last year. Equities analysts forecast that IMAX Corporation will post 0.91 EPS for the current fiscal year.

IMAX announced that its board has approved a stock buyback program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

IMAX has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. The Goldman Sachs Group reiterated a "sell" rating on shares of IMAX in a research note on Friday, July 25th. Roth Capital reiterated a "buy" rating and set a $36.00 price objective on shares of IMAX in a research note on Wednesday, July 9th. Barrington Research reiterated an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research note on Thursday, July 24th. Finally, Benchmark lifted their price objective on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $32.80.

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.