State of Wyoming Has $215,000 Stake in IMAX Corporation $IMAX

Key Points

• The State of Wyoming reduced its holdings in IMAX Corporation by 62.3% during Q1, now owning 8,149 shares valued at $215,000.
• Institutional investors hold a significant stake in IMAX, owning 93.51% of the company's stock, with several new positions acquired in the first quarter valued between $59,000 to $309,000.
• IMAX recently reported earnings of $0.26 EPS for the quarter, exceeding analyst expectations, and announced a $100 million share repurchase program indicating confidence in the stock's value.

State of Wyoming decreased its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 62.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,149 shares of the company's stock after selling 13,457 shares during the period. State of Wyoming's holdings in IMAX were worth $215,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of IMAX. Creative Financial Designs Inc. ADV bought a new position in shares of IMAX in the first quarter valued at $59,000. Y Intercept Hong Kong Ltd bought a new position in shares of IMAX in the first quarter valued at $202,000. Fox Run Management L.L.C. bought a new position in shares of IMAX in the first quarter valued at $289,000. North Star Investment Management Corp. bought a new position in shares of IMAX in the first quarter valued at $290,000. Finally, ProShare Advisors LLC bought a new position in shares of IMAX in the fourth quarter valued at $309,000. Institutional investors own 93.51% of the company's stock.

IMAX Stock Performance

Shares of NYSE IMAX traded down $0.53 during mid-day trading on Tuesday, reaching $30.49. The company had a trading volume of 263,607 shares, compared to its average volume of 943,661. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $31.37. The stock has a market capitalization of $1.64 billion, a PE ratio of 50.79, a price-to-earnings-growth ratio of 2.02 and a beta of 0.68. The stock's 50 day moving average is $27.10 and its 200-day moving average is $26.24.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $93.04 million. During the same period in the prior year, the business posted $0.18 earnings per share. IMAX's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that IMAX Corporation will post 0.91 EPS for the current year.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on IMAX. B. Riley reaffirmed a "buy" rating and issued a $36.00 price target on shares of IMAX in a report on Friday, May 16th. Rosenblatt Securities upped their price target on IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wells Fargo & Company upped their price target on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Roth Capital reissued a "buy" rating and set a $36.00 target price on shares of IMAX in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $32.80.

Insider Buying and Selling at IMAX

In other news, insider Kenneth Ian Weissman sold 15,072 shares of the company'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 transaction, the insider directly owned 26,133 shares of the company's stock, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 24.08% of the company's stock.

About IMAX

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.