Pembroke Management LTD Has $11.97 Million Stock Holdings in IMAX Corporation $IMAX

Key Points

• Pembroke Management LTD has reduced its stake in IMAX Corporation by 1.9%, now holding approximately $11.97 million in shares, which represents 1.8% of its portfolio.
• IMAX reported earnings of $0.26 per share for the last quarter, exceeding analysts' expectations, although its revenue of $91.68 million was slightly below the forecast.
• The IMAX board has approved a $100 million share repurchase program, indicating confidence in the stock's value and investor sentiment.

Pembroke Management LTD trimmed its stake in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 454,283 shares of the company's stock after selling 8,856 shares during the quarter. IMAX makes up about 1.8% of Pembroke Management LTD's portfolio, making the stock its 25th largest holding. Pembroke Management LTD owned about 0.85% of IMAX worth $11,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV acquired a new position in IMAX in the 1st quarter valued at approximately $59,000. Tower Research Capital LLC TRC increased its position in IMAX by 415.4% in the 4th 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 position in IMAX in the 1st quarter valued at approximately $202,000. State of Tennessee Department of Treasury increased its position in IMAX by 19.8% in the 4th 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, Fox Run Management L.L.C. acquired a new position in IMAX in the 1st quarter valued at approximately $289,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Stock Down 0.8%

IMAX opened at $28.73 on Friday. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $29.66. The company has a fifty day moving average of $26.86 and a 200-day moving average of $26.11. The stock has a market cap of $1.55 billion, a PE ratio of 47.89, a price-to-earnings-growth ratio of 2.00 and a beta of 0.81.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. The business 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 business's quarterly revenue was up 3.1% on a year-over-year basis. During the same period last year, the company posted $0.18 earnings per share. Sell-side analysts anticipate that IMAX Corporation will post 0.91 EPS for the current fiscal year.

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

Analysts Set New Price Targets

Several brokerages have issued reports on IMAX. Roth Capital restated a "buy" rating and issued a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Benchmark upped their price target on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group restated a "sell" rating on shares of IMAX in a research report on Friday, July 25th. Barrington Research restated an "outperform" rating and issued a $32.00 price target on shares of IMAX in a research report on Thursday, July 24th. Finally, Wall Street Zen cut shares of IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $32.80.

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the firm'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 in the company, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 23.18% 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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