Polar Asset Management Partners Inc. Sells 16,436 Shares of IMAX Corporation $IMAX

Key Points

• Polar Asset Management Partners Inc. reduced its holdings in IMAX Corporation by 8.0% in the first quarter, selling 16,436 shares and maintaining approximately 0.35% ownership valued at $4,956,000.
• IMAX reported a quarterly earnings beat with $0.26 EPS, exceeding the consensus estimate of $0.19, as revenue for the quarter reached $91.68 million.
• The company's Board of Directors approved a $100 million stock buyback plan, indicating a belief that the shares are undervalued.

Polar Asset Management Partners Inc. trimmed its position in IMAX Corporation (NYSE:IMAX - Free Report) by 8.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 188,100 shares of the company's stock after selling 16,436 shares during the period. Polar Asset Management Partners Inc. owned about 0.35% of IMAX worth $4,956,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Orbis Allan Gray Ltd boosted its position in IMAX by 12.3% in the first quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company's stock worth $102,311,000 after purchasing an additional 425,081 shares during the last quarter. Ameriprise Financial Inc. boosted its position in IMAX by 8.3% in the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company's stock worth $52,019,000 after purchasing an additional 150,552 shares during the last quarter. Mizuho Markets Americas LLC boosted its position in IMAX by 19.3% in the first 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. Jane Street Group LLC boosted its position in IMAX by 2,496.9% in the first quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock worth $15,123,000 after purchasing an additional 551,819 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its position in IMAX by 805.9% in the first 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. 93.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on IMAX shares. Wall Street Zen cut IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Wedbush lifted their price objective on IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a research report on Friday, July 25th. B. Riley reaffirmed a "buy" rating and set a $36.00 price objective on shares of IMAX in a research report on Friday, May 16th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research report on Thursday, July 24th. One investment 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 issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $32.80.

Insider Transactions at IMAX

In related news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 24.08% of the company's stock.

IMAX Trading Up 4.1%

IMAX traded up $1.23 on Monday, hitting $31.01. 1,425,303 shares of the company's stock traded hands, compared to its average volume of 979,324. The company's 50 day simple moving average is $27.10 and its 200-day simple moving average is $26.24. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 51.69, a P/E/G ratio of 2.02 and a beta of 0.68. IMAX Corporation has a one year low of $18.76 and a one year high of $31.37.

IMAX (NYSE:IMAX - Get Free Report) last issued its 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. The company had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The firm's quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. As a group, equities analysts anticipate that IMAX Corporation will post 0.91 EPS for the current fiscal year.

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

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.