Trexquant Investment LP Boosts Stake in IMAX Corporation $IMAX

Key Points

• Trexquant Investment LP increased its stake in IMAX Corporation by 18.3%, acquiring an additional 40,354 shares, bringing its total ownership to 260,806 shares valued at approximately $6.87 million.
• Wall Street analysts have a positive outlook on IMAX, with several firms raising their price targets and a consensus rating of "Moderate Buy", averaging a target price of $32.80.
• IMAX is set to implement a $100 million share repurchase plan, indicating that its board believes the company's stock is undervalued.

Trexquant Investment LP grew its position in IMAX Corporation (NYSE:IMAX - Free Report) by 18.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 260,806 shares of the company's stock after buying an additional 40,354 shares during the quarter. Trexquant Investment LP owned 0.49% of IMAX worth $6,872,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of IMAX. Creative Financial Designs Inc. ADV acquired a new stake in shares of IMAX in the first quarter valued at $59,000. Tower Research Capital LLC TRC grew its stake in shares of IMAX by 415.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after purchasing an additional 5,832 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in IMAX in the first quarter valued at $202,000. State of Tennessee Department of Treasury boosted its position in shares of IMAX by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock worth $252,000 after acquiring an additional 1,627 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of IMAX during the 1st quarter worth about $289,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction dated 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 owned 26,133 shares in the company, valued at approximately $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 24.08% of the company's stock.

IMAX Price Performance

NYSE IMAX traded down $0.02 on Wednesday, hitting $29.29. 926,093 shares of the company's stock were exchanged, compared to its average volume of 942,554. The firm's 50-day moving average price is $26.91 and its two-hundred day moving average price is $26.16. IMAX Corporation has a fifty-two week low of $18.76 and a fifty-two week high of $29.66. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 48.81, a P/E/G ratio of 1.97 and a beta of 0.68.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.07. The company 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 8.62%. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share. On average, research analysts predict that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX announced that its board has initiated a share repurchase plan on Thursday, June 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on IMAX shares. Benchmark boosted their target price on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Roth Capital reiterated a "buy" rating and issued a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Wall Street Zen downgraded IMAX from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a report on Friday, July 25th. Finally, Rosenblatt Securities increased their price target on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned 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 price target of $32.80.

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.