IMAX Corporation (NYSE:IMAX) Stock Position Reduced by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 20.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,110,747 shares of the company's stock after selling 281,237 shares during the quarter. Victory Capital Management Inc. owned approximately 2.07% of IMAX worth $29,268,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Creative Financial Designs Inc. ADV acquired a new stake in shares of IMAX during the first quarter worth $59,000. Tower Research Capital LLC TRC lifted its holdings in shares of IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after acquiring an additional 5,832 shares during the period. State of Tennessee Department of Treasury increased its position in 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 purchasing an additional 1,627 shares in the last quarter. North Star Investment Management Corp. acquired a new position in IMAX in the 1st quarter valued at approximately $290,000. Finally, ProShare Advisors LLC bought a new position in IMAX during the fourth quarter worth $309,000. 93.51% of the stock is owned by institutional investors.

IMAX Stock Performance

Shares of IMAX traded down $1.17 during midday trading on Thursday, hitting $27.87. The company had a trading volume of 1,478,762 shares, compared to its average volume of 895,031. The company's 50-day simple moving average is $27.64 and its 200-day simple moving average is $25.65. The firm has a market capitalization of $1.50 billion, a P/E ratio of 58.92, a P/E/G ratio of 2.19 and a beta of 0.80. IMAX Corporation has a 1 year low of $18.76 and a 1 year high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 7.79% and a net margin of 6.98%. The business had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. Equities analysts predict that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX announced that its Board of Directors has approved a stock buyback program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IMAX. B. Riley reiterated a "buy" rating and issued a $36.00 target price on shares of IMAX in a report on Friday, May 16th. Barrington Research reissued an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research report on Thursday, April 24th. Wall Street Zen upgraded shares of IMAX from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. dropped their price target on shares of IMAX from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Roth Capital restated a "buy" rating and set a $36.00 target price on shares of IMAX in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $31.70.

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.