Wesbanco Bank Inc. Has $1.25 Million Position in 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 stake in IMAX Corporation (NYSE:IMAX - Free Report) by 146.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,600 shares of the company's stock after purchasing an additional 26,500 shares during the period. Wesbanco Bank Inc. owned 0.08% of IMAX worth $1,247,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Orbis Allan Gray Ltd boosted its position in shares of IMAX by 12.3% in the first quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company's stock valued at $102,311,000 after acquiring an additional 425,081 shares during the period. Ameriprise Financial Inc. boosted its position in shares of IMAX by 8.3% in the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company's stock valued at $52,019,000 after acquiring an additional 150,552 shares during the period. Mizuho Markets Americas LLC boosted its position in shares of IMAX by 19.3% in the first quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock valued at $18,721,000 after acquiring an additional 114,800 shares during the period. Jane Street Group LLC boosted its position in shares of IMAX by 2,496.9% in the first quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock valued at $15,123,000 after acquiring an additional 551,819 shares during the period. Finally, Jupiter Asset Management Ltd. boosted its position in shares of IMAX by 805.9% in the first quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after acquiring an additional 417,677 shares during the period. 93.51% of the stock is currently 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 stock was 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 in the company, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Robert D. Lister sold 20,000 shares of IMAX stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $32.80, for a total value of $656,000.00. Following the completion of the transaction, the vice president owned 161,421 shares in the company, valued at approximately $5,294,608.80. This represents 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.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IMAX. Rosenblatt Securities boosted their target price on shares of IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Wedbush boosted their target price on shares of IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Wall Street Zen cut shares of IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Barrington Research reaffirmed an "outperform" rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday, July 24th. Finally, Benchmark boosted their price target on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, July 25th. 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 stock. According to data from MarketBeat, IMAX has an average rating of "Moderate Buy" and a consensus price target of $32.80.

IMAX Trading Up 1.1%

NYSE IMAX opened at $32.71 on Tuesday. IMAX Corporation has a 1 year low of $18.76 and a 1 year high of $32.96. The firm's 50 day simple moving average is $27.56 and its 200 day simple moving average is $26.45. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 54.51, a P/E/G ratio of 2.20 and a beta of 0.68.

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 8.62% and a net margin of 9.04%.The firm had revenue of $91.68 million for the quarter, compared to analysts' expectations of $93.04 million. During the same quarter in the previous year, the business posted $0.18 earnings per share. The business's revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current year.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.