Nuveen LLC Purchases New Position in IMAX Corporation $IMAX

Key Points

• Nuveen LLC has made a new investment of approximately $4.44 million in IMAX Corporation, acquiring 168,436 shares and representing 0.31% of the company's stock.
• Institutional investors currently own about 93.51% of IMAX's stock, with recent activity including various firms increasing their stakes in the company.
• IMAX's share buyback program, authorized on June 12th, allows the company to repurchase up to $100 million of its outstanding shares, signaling management's belief in the stock's undervaluation.

Nuveen LLC purchased a new stake in IMAX Corporation (NYSE:IMAX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 168,436 shares of the company's stock, valued at approximately $4,438,000. Nuveen LLC owned approximately 0.31% of IMAX as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its stake in shares of IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company's stock worth $46,671,000 after purchasing an additional 491,172 shares during the last quarter. Jupiter Asset Management Ltd. increased its stake in shares of IMAX by 805.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock worth $12,371,000 after purchasing an additional 417,677 shares during the last quarter. Deutsche Bank AG increased its stake in shares of IMAX by 765.1% during the 4th quarter. Deutsche Bank AG now owns 241,930 shares of the company's stock worth $6,193,000 after purchasing an additional 213,965 shares during the last quarter. Polar Asset Management Partners Inc. increased its stake in shares of IMAX by 191.6% during the 4th quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company's stock worth $5,236,000 after purchasing an additional 134,389 shares during the last quarter. Finally, Mizuho Markets Americas LLC increased its stake in shares of IMAX by 19.3% during the 1st quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock worth $18,721,000 after purchasing an additional 114,800 shares during the last quarter. Institutional investors own 93.51% of the company's stock.

Insiders Place Their Bets

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the business's stock in a transaction on 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 sale, the insider directly owned 26,133 shares of the company's stock, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 23.18% of the stock is owned by corporate insiders.

IMAX Stock Performance

NYSE:IMAX traded down $0.19 during mid-day trading on Friday, reaching $28.53. The stock had a trading volume of 1,024,901 shares, compared to its average volume of 955,334. The stock has a market capitalization of $1.53 billion, a P/E ratio of 47.55, a P/E/G ratio of 1.97 and a beta of 0.81. The firm has a 50 day moving average price of $26.86 and a two-hundred day moving average price of $26.13. IMAX Corporation has a one year low of $18.76 and a one 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 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 analyst estimates of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The business's quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.18 EPS. Research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX declared that its board has initiated a share repurchase plan on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barrington Research reiterated an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a research note on Thursday, July 24th. Rosenblatt Securities lifted their price objective on shares of IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Benchmark raised their price target on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wedbush raised their price target on shares of IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company raised their price target on shares of IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently 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.