Wesbanco Bank Inc. Buys 26,500 Shares of IMAX Corporation $IMAX

Key Points

• Wesbanco Bank Inc. increased its investment in IMAX Corporation by 146.4% during the second quarter, owning 44,600 shares valued at approximately $1.25 million.
• A significant number of institutional investors have also boosted their holdings in IMAX, with 93.51% of the stock currently owned by institutional investors and hedge funds.
• IMAX's earnings report showed a 3.1% year-over-year revenue increase with earnings per share of $0.26, surpassing analysts' expectations of $0.19.

Wesbanco Bank Inc. raised its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 146.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,600 shares of the company's stock after buying an additional 26,500 shares during the quarter. Wesbanco Bank Inc. owned about 0.08% of IMAX worth $1,247,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of IMAX. Rhumbline Advisers lifted its holdings in shares of IMAX by 7.7% in the 1st quarter. Rhumbline Advisers now owns 60,447 shares of the company's stock worth $1,593,000 after purchasing an additional 4,325 shares during the last quarter. Strs Ohio bought a new position in IMAX during the 1st quarter worth $9,278,000. Jane Street Group LLC grew its stake in IMAX by 2,496.9% during the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock worth $15,123,000 after buying an additional 551,819 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in IMAX by 7.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company's stock worth $4,208,000 after buying an additional 11,736 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in IMAX by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company's stock worth $672,000 after buying an additional 1,091 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of recent research reports. Wedbush upped their price objective on IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Benchmark raised their target price on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Wall Street Zen cut IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Wells Fargo & Company raised their target price on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Roth Capital restated a "buy" rating and issued a $36.00 target price on shares of IMAX in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, IMAX currently has an average rating of "Moderate Buy" and an average target price of $33.30.

Insider Buying and Selling at IMAX

In other news, VP Robert D. Lister sold 20,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total value of $656,000.00. Following the completion of the sale, the vice president owned 161,421 shares in the company, valued at $5,294,608.80. This represents a 11.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth Ian Weissman sold 15,072 shares of the 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 completion of the sale, 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 disclosure for this sale can be found here. Company insiders own 23.18% of the company's stock.

IMAX Price Performance

Shares of IMAX traded down $0.35 during trading hours on Friday, hitting $31.96. 1,075,616 shares of the company were exchanged, compared to its average volume of 1,096,045. The company has a market capitalization of $1.72 billion, a PE ratio of 53.27, a PEG ratio of 2.19 and a beta of 0.68. The firm has a fifty day simple moving average of $28.01 and a 200-day simple moving average of $26.63. IMAX Corporation has a one year low of $18.76 and a one year high of $32.96.

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, topping the consensus estimate of $0.19 by $0.07. The business had revenue of $91.68 million during the quarter, compared to analyst estimates of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The company's revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. Sell-side analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

IMAX announced that its board has initiated a share buyback plan on Thursday, June 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

IMAX 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.