Wesbanco Bank Inc. Invests $477,000 in IMAX Co. (NYSE:IMAX)

Wesbanco Bank Inc. bought a new position in shares of IMAX Co. (NYSE:IMAX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,100 shares of the company's stock, valued at approximately $477,000.

Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in IMAX by 138.5% in the 4th quarter. Blue Trust Inc. now owns 966 shares of the company's stock worth $25,000 after acquiring an additional 561 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of IMAX by 3.4% in the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after purchasing an additional 848 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in IMAX by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock valued at $625,000 after purchasing an additional 905 shares in the last quarter. State of Tennessee Department of Treasury lifted its position in IMAX by 19.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock valued at $252,000 after purchasing an additional 1,627 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in IMAX by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,861 shares of the company's stock valued at $432,000 after purchasing an additional 2,776 shares during the last quarter. Institutional investors own 93.51% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on IMAX shares. Wedbush reiterated an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a report on Thursday, April 17th. Roth Capital upped their target price on IMAX from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Friday. Barrington Research reissued an "outperform" rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of IMAX from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Benchmark reaffirmed a "buy" rating and set a $30.00 target price on shares of IMAX in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, IMAX presently has an average rating of "Buy" and a consensus price target of $31.70.

IMAX Trading Up 0.8%

Shares of IMAX stock traded up $0.22 during midday trading on Friday, reaching $28.82. 1,588,555 shares of the stock were exchanged, compared to its average volume of 770,328. IMAX Co. has a 1 year low of $15.50 and a 1 year high of $29.66. The firm has a market cap of $1.55 billion, a PE ratio of 58.81, a price-to-earnings-growth ratio of 1.49 and a beta of 0.81. The company's 50 day moving average is $25.45 and its two-hundred day moving average is $25.22.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $86.67 million during the quarter, compared to analyst estimates of $82.95 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.15 earnings per share. As a group, equities analysts expect that IMAX Co. will post 0.91 EPS for the current fiscal year.

IMAX declared that its Board of Directors has authorized a share buyback plan on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board 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.