Orbis Allan Gray Ltd Buys 425,081 Shares of IMAX Corporation $IMAX

Key Points

• Orbis Allan Gray Ltd increased its shareholding in IMAX Corporation by 12.3%, acquiring an additional 425,081 shares, bringing its total ownership to 3,882,766 shares valued at approximately $102.31 million.
• IMAX reported a quarterly earnings per share (EPS) of $0.26, exceeding analyst estimates of $0.19, while revenue was slightly below expectations at $91.68 million.
• Institutional investors now hold 93.51% of IMAX's shares, indicating strong institutional confidence in the company's prospects.

Orbis Allan Gray Ltd raised its stake in IMAX Corporation (NYSE:IMAX - Free Report) by 12.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,882,766 shares of the company's stock after acquiring an additional 425,081 shares during the quarter. Orbis Allan Gray Ltd owned approximately 7.22% of IMAX worth $102,311,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in IMAX. Jane Street Group LLC raised its holdings in IMAX by 2,496.9% in the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock valued at $15,123,000 after buying an additional 551,819 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in IMAX by 36.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company's stock valued at $46,671,000 after buying an additional 491,172 shares during the last quarter. Driehaus Capital Management LLC bought a new position in IMAX in the 1st quarter valued at approximately $11,181,000. Jupiter Asset Management Ltd. raised its holdings in IMAX by 805.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after buying an additional 417,677 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in IMAX by 765.1% in the 4th quarter. Deutsche Bank AG now owns 241,930 shares of the company's stock valued at $6,193,000 after buying an additional 213,965 shares during the last quarter. Institutional investors own 93.51% of the company's stock.

Insider Transactions at IMAX

In related news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX 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 owned 26,133 shares of the company's stock, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 24.08% of the company's stock.

IMAX Trading Down 0.1%

NYSE IMAX traded down $0.02 during mid-day trading on Wednesday, hitting $29.29. The company's stock had a trading volume of 926,090 shares, compared to its average volume of 940,637. The company's 50 day simple moving average is $26.91 and its 200 day simple moving average is $26.16. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $29.66. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 48.81, a PEG ratio of 1.97 and a beta of 0.68.

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

IMAX announced that its board has initiated a stock repurchase plan on Thursday, June 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on IMAX. The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a research report on Friday, July 25th. Rosenblatt Securities increased their target price on shares of IMAX from $35.00 to $37.00 and gave the company 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. B. Riley reissued a "buy" rating and set a $36.00 target price on shares of IMAX in a research report on Friday, May 16th. Finally, Benchmark raised 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. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.