Knights of Columbus Asset Advisors LLC Reduces Stake in IMAX Corporation (NYSE:IMAX)

Key Points

• Knights of Columbus Asset Advisors LLC reduced its stake in IMAX Corporation by 18.7%, owning 98,821 shares after selling 22,663 shares during the 1st quarter, valued at approximately $2.6 million.
• IMAX's stock recently opened at $26.91, with a market cap of $1.45 billion and has seen a 4.9% decline in value.
• The company has authorized a share buyback plan worth $100 million, indicating management's belief that the stock is undervalued.

Knights of Columbus Asset Advisors LLC lowered its holdings in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 18.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,821 shares of the company's stock after selling 22,663 shares during the period. Knights of Columbus Asset Advisors LLC owned approximately 0.18% of IMAX worth $2,604,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV acquired a new stake in IMAX in the first quarter valued at approximately $59,000. Tower Research Capital LLC TRC grew its stake in IMAX by 415.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock valued at $185,000 after acquiring an additional 5,832 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in IMAX in the first quarter valued at approximately $202,000. State of Tennessee Department of Treasury grew its stake in IMAX by 19.8% in 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 during the period. Finally, North Star Investment Management Corp. acquired a new stake in IMAX in the first quarter valued at approximately $290,000. Institutional investors and hedge funds own 93.51% of the company's stock.

IMAX Price Performance

Shares of NYSE:IMAX remained flat at $25.99 during midday trading on Wednesday. The company had a trading volume of 162,673 shares, compared to its average volume of 931,043. IMAX Corporation has a 12 month low of $18.76 and a 12 month high of $29.66. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 43.29, a price-to-earnings-growth ratio of 2.12 and a beta of 0.80. The business's 50 day moving average price is $27.69 and its two-hundred day moving average price is $25.78.

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

IMAX declared that its Board of Directors has initiated a stock repurchase program 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 programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on IMAX shares. Roth Capital reissued a "buy" rating and issued a $36.00 price objective on shares of IMAX in a research note on Wednesday, July 9th. B. Riley reaffirmed a "buy" rating and set a $36.00 target price on shares of IMAX in a research report on Friday, May 16th. Wall Street Zen raised IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barrington Research reissued an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a research report on Thursday, July 24th. Finally, Wells Fargo & Company boosted their target price on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $32.80.

IMAX Company Profile

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.