Strs Ohio Invests $9.28 Million in IMAX Corporation $IMAX

Key Points

• Strs Ohio has acquired a new stake in IMAX Corporation, purchasing 352,100 shares valued at approximately $9.28 million, representing about 0.66% of the company as per their SEC disclosure.
• Several hedge funds have significantly increased their positions in IMAX, with Jupiter Asset Management Ltd. raising its stake by 805.9% in the first quarter, now holding shares worth over $12 million.
• Analysts have shown positive sentiment towards IMAX, with multiple firms increasing their price targets and giving it a “buy” rating, contributing to a consensus target of $32.80 for the stock.

Strs Ohio bought a new position in IMAX Corporation (NYSE:IMAX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 352,100 shares of the company's stock, valued at approximately $9,278,000. Strs Ohio owned about 0.66% of IMAX at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in IMAX. Creative Financial Designs Inc. ADV bought a new stake in shares of IMAX in the 1st quarter worth about $59,000. Y Intercept Hong Kong Ltd bought a new stake in IMAX during the 1st quarter valued at about $202,000. Fox Run Management L.L.C. bought a new stake in IMAX during the 1st quarter valued at about $289,000. North Star Investment Management Corp. bought a new stake in IMAX during the 1st quarter valued at about $290,000. Finally, ProShare Advisors LLC bought a new stake in IMAX during the 4th quarter valued at about $309,000. Institutional investors own 93.51% of the company's stock.

IMAX Price Performance

Shares of NYSE:IMAX traded down $0.05 during trading hours on Thursday, hitting $32.34. The company's stock had a trading volume of 821,995 shares, compared to its average volume of 1,089,449. IMAX Corporation has a 52 week low of $18.76 and a 52 week high of $32.96. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 53.90, a P/E/G ratio of 2.20 and a beta of 0.68. The firm's fifty day moving average price is $27.91 and its 200 day moving average price is $26.58.

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, 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 analyst estimates of $93.04 million. During the same quarter in the previous year, the business posted $0.18 EPS. The company's quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts predict that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its Board of Directors has initiated a share repurchase program on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction that occurred 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 owned 26,133 shares of the company's stock, valued at $670,311.45. The trade was a 36.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert D. Lister sold 20,000 shares of IMAX stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $32.80, for a total transaction of $656,000.00. Following the completion of the transaction, the vice president directly owned 161,421 shares in the company, valued at approximately $5,294,608.80. The trade was a 11.02% decrease in their position. The disclosure for this sale can be found here. Insiders own 23.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on IMAX shares. Wall Street Zen lowered shares of IMAX from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. Benchmark lifted their price objective on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barrington Research reiterated an "outperform" rating and set a $32.00 price objective on shares of IMAX in a report on Thursday, July 24th. The Goldman Sachs Group reiterated a "sell" rating on shares of IMAX in a report on Friday, July 25th. Finally, Wedbush lifted their price objective on shares of IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $32.80.

IMAX Company 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.