PDT Partners LLC Grows Position in IMAX Corporation $IMAX

Key Points

• PDT Partners LLC increased its stake in IMAX Corporation by 36.1% during the first quarter, owning approximately 0.26% of the company valued at $3.65 million after acquiring additional shares.
• IMAX Corporation reported earnings of $0.26 per share, exceeding analysts' expectations of $0.19, while revenue for the quarter was $91.68 million, just shy of the forecasted $93.04 million.
• The company's board has authorized a $100 million stock buyback program, indicating confidence that the stock may be undervalued.

PDT Partners LLC boosted its stake in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 36.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 138,674 shares of the company's stock after purchasing an additional 36,807 shares during the period. PDT Partners LLC owned approximately 0.26% of IMAX worth $3,654,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Neuberger Berman Group LLC boosted its holdings in shares of IMAX by 4.1% in the 1st quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company's stock valued at $365,000 after acquiring an additional 542 shares during the last quarter. Mission Wealth Management LP boosted its holdings in shares of IMAX by 2.9% in the 1st quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock valued at $801,000 after acquiring an additional 845 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of IMAX by 3.4% in the 4th quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock valued at $664,000 after acquiring an additional 848 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of IMAX by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock valued at $625,000 after acquiring an additional 905 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of IMAX by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 104,510 shares of the company's stock valued at $2,754,000 after acquiring an additional 1,309 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company's stock.

IMAX Price Performance

IMAX opened at $28.53 on Tuesday. The firm has a fifty day moving average price of $26.88 and a 200 day moving average price of $26.14. The stock has a market cap of $1.53 billion, a P/E ratio of 47.55, 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.

IMAX (NYSE:IMAX - Get Free Report) last posted 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 company had revenue of $91.68 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. Equities analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

IMAX declared that its board has authorized a share buyback program on Thursday, June 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a report on Friday, July 25th. Rosenblatt Securities upped their price objective on shares of IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a report on Friday, July 25th. Roth Capital reaffirmed a "buy" rating and issued a $36.00 price objective on shares of IMAX in a report on Wednesday, July 9th. Wedbush upped their price objective 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, B. Riley reiterated a "buy" rating and issued a $36.00 target price on shares of IMAX in a research note on Friday, May 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.80.

Insiders Place Their Bets

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider directly owned 26,133 shares in the company, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 24.08% of the company's stock.

IMAX 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.

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