PEAK6 LLC Invests $912,000 in IMAX Corporation $IMAX

Key Points

• PEAK6 LLC has acquired a new stake in IMAX Corporation, purchasing 34,594 shares valued at approximately $912,000, representing around 0.06% ownership of the company.
• Multiple institutional investors, including Neuberger Berman Group LLC and Charles Schwab Investment Management Inc., have also increased their stakes in IMAX, indicating strong interest among institutional investors.
• IMAX recently initiated a $100 million share buyback program, which often suggests that the company's leadership believes its stock is undervalued.

PEAK6 LLC purchased a new stake in IMAX Corporation (NYSE:IMAX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 34,594 shares of the company's stock, valued at approximately $912,000. PEAK6 LLC owned about 0.06% of IMAX at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IMAX. Neuberger Berman Group LLC raised its stake 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 buying an additional 542 shares during the period. Mission Wealth Management LP grew its holdings in IMAX by 2.9% during the first quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock valued at $801,000 after purchasing an additional 845 shares during the period. MetLife Investment Management LLC lifted its position in shares of IMAX by 3.4% during the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after acquiring an additional 848 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of IMAX by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock worth $625,000 after buying an additional 905 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in IMAX by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 104,510 shares of the company's stock valued at $2,754,000 after purchasing an additional 1,309 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Stock Performance

Shares of NYSE IMAX traded down $0.02 during trading hours on Wednesday, hitting $29.29. The company's stock had a trading volume of 926,093 shares, compared to its average volume of 942,554. The stock has a market cap 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 12 month low of $18.76 and a 12 month high of $29.66. The business has a 50-day simple moving average of $26.91 and a 200-day simple moving average of $26.16.

IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $93.04 million. During the same period last year, the firm earned $0.18 earnings per share. IMAX's quarterly revenue was up 3.1% on a year-over-year basis. On average, equities research analysts forecast that IMAX Corporation will post 0.91 EPS for the current year.

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

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the firm's stock in a transaction dated 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 in the company, valued at $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 24.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

IMAX has been the topic of a number of research reports. Roth Capital restated a "buy" rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Rosenblatt Securities raised their price objective on IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, July 25th. B. Riley reaffirmed a "buy" rating and set a $36.00 price objective on shares of IMAX in a research note on Friday, May 16th. Benchmark raised 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. Finally, Barrington Research reaffirmed an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research note on Thursday, July 24th. 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 company's stock. According to MarketBeat.com, IMAX presently has an average 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.