Royce & Associates LP decreased its holdings in IMAX Corporation (NYSE:IMAX - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,665,508 shares of the company's stock after selling 105,550 shares during the quarter. Royce & Associates LP owned 3.10% of IMAX worth $43,886,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Mission Wealth Management LP grew its stake in shares of IMAX by 2.9% in the first quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock worth $801,000 after purchasing an additional 845 shares in the last quarter. MetLife Investment Management LLC boosted its stake in IMAX by 3.4% during the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock valued at $664,000 after buying an additional 848 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in IMAX by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock valued at $625,000 after buying an additional 905 shares in the last quarter. State of Tennessee Department of Treasury boosted its stake in IMAX by 19.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock valued at $252,000 after buying an additional 1,627 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV bought a new position in IMAX during the first quarter valued at about $59,000. Institutional investors own 93.51% of the company's stock.
IMAX Price Performance
IMAX traded down $1.38 on Friday, reaching $26.91. 3,423,552 shares of the company traded hands, compared to its average volume of 1,021,881. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 44.85, a PEG ratio of 2.23 and a beta of 0.80. The stock's 50 day moving average price is $27.72 and its 200-day moving average price is $25.72. IMAX Corporation has a 52-week low of $18.76 and a 52-week high of $29.66.
IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.07. The firm had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.79%. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. As a group, equities research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.
IMAX declared that its board has authorized a stock buyback plan on Thursday, June 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.
Analysts Set New Price Targets
IMAX has been the subject of several research reports. Macquarie raised their target price on IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Wall Street Zen raised IMAX from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Barrington Research reaffirmed an "outperform" rating and set a $32.00 target price on shares of IMAX in a report on Thursday. Wedbush upped their target price on IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Friday. Finally, Rosenblatt Securities upped their target price on IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a report on Friday. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $32.80.
Get Our Latest Report on IMAX
IMAX Company Profile
(
Free Report)
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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