Quantbot Technologies LP Buys 105,932 Shares of IMAX Corporation $IMAX

Key Points

• Quantbot Technologies LP significantly increased its stake in IMAX Corporation by purchasing 105,932 shares, raising its total ownership by 663.4% to 121,899 shares.
• IMAX reported earnings of $0.26 per share for the last quarter, exceeding analysts' expectations of $0.19, with revenue reaching $91.68 million.
• The company has authorized a $100 million stock buyback program, indicating management's belief that IMAX shares are undervalued.

Quantbot Technologies LP increased its holdings in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 663.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 121,899 shares of the company's stock after purchasing an additional 105,932 shares during the period. Quantbot Technologies LP owned 0.23% of IMAX worth $3,212,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Northern Trust Corp grew its holdings in IMAX by 3.4% during the first quarter. Northern Trust Corp now owns 354,233 shares of the company's stock worth $9,334,000 after purchasing an additional 11,588 shares during the period. American Century Companies Inc. boosted its holdings in shares of IMAX by 14.6% during the first quarter. American Century Companies Inc. now owns 117,030 shares of the company's stock worth $3,084,000 after acquiring an additional 14,886 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of IMAX during the first quarter worth approximately $289,000. Neuberger Berman Group LLC boosted its holdings in shares of IMAX by 4.1% during the first quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company's stock worth $365,000 after acquiring an additional 542 shares during the period. Finally, Nuveen LLC bought a new stake in shares of IMAX during the first quarter worth approximately $4,438,000. Institutional investors own 93.51% of the company's stock.

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of research analyst reports. Rosenblatt Securities boosted their price objective on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wells Fargo & Company boosted their price objective on IMAX from $30.00 to $34.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Wedbush boosted their price objective on IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Benchmark boosted their price objective on IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Wall Street Zen upgraded IMAX from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. One 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $32.80.

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the business's stock in a transaction that occurred 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 $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 23.18% of the stock is currently owned by corporate insiders.

IMAX Stock Performance

Shares of NYSE IMAX traded up $1.0250 during midday trading on Friday, reaching $26.9950. The company's stock had a trading volume of 1,065,830 shares, compared to its average volume of 1,058,995. IMAX Corporation has a fifty-two week low of $18.76 and a fifty-two week high of $29.66. The company has a market cap of $1.45 billion, a P/E ratio of 44.99, a P/E/G ratio of 1.79 and a beta of 0.81. The business's 50 day moving average price is $26.93 and its two-hundred day moving average price is $26.03.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.26 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 period in the previous year, the business earned $0.18 earnings per share. The company's revenue was up 3.1% on a year-over-year basis. Sell-side analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX announced that its board has authorized a share repurchase program on Thursday, June 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is 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.