Y Intercept Hong Kong Ltd acquired a new stake in IMAX Corporation (NYSE:IMAX – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 62,363 shares of the company’s stock, valued at approximately $2,370,000.
Several other hedge funds also recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd raised its position in shares of IMAX by 28.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock valued at $55,000 after buying an additional 332 shares in the last quarter. GAMMA Investing LLC grew its position in IMAX by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $69,000 after buying an additional 342 shares in the last quarter. ProShare Advisors LLC increased its stake in IMAX by 6.8% during the 4th quarter. ProShare Advisors LLC now owns 8,000 shares of the company’s stock worth $296,000 after acquiring an additional 511 shares during the period. Charles Schwab Investment Management Inc. increased its stake in IMAX by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company’s stock worth $4,021,000 after acquiring an additional 546 shares during the period. Finally, Quarry LP increased its stake in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after acquiring an additional 547 shares during the period. 93.51% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on IMAX shares. Rosenblatt Securities reiterated a “buy” rating and set a $47.00 target price on shares of IMAX in a research report on Monday, April 20th. Weiss Ratings cut IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 23rd. Seaport Research Partners reaffirmed a “buy” rating and issued a $50.00 price target on shares of IMAX in a research note on Wednesday, June 24th. Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Barrington Research increased their price objective on shares of IMAX from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.00.
IMAX Stock Up 2.9%
Shares of IMAX opened at $38.56 on Thursday. IMAX Corporation has a 12-month low of $24.20 and a 12-month high of $45.52. The business has a 50-day simple moving average of $39.00 and a two-hundred day simple moving average of $37.85. The stock has a market cap of $2.12 billion, a PE ratio of 59.33, a PEG ratio of 1.33 and a beta of 0.37.
IMAX (NYSE:IMAX – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The firm had revenue of $81.38 million for the quarter, compared to analyst estimates of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the firm posted $0.13 earnings per share. On average, equities research analysts expect that IMAX Corporation will post 1.34 EPS for the current year.
Insider Transactions at IMAX
In other news, CEO Richard L. Gelfond sold 135,046 shares of the firm’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the completion of the transaction, the chief executive officer owned 765,002 shares of the company’s stock, valued at approximately $28,932,375.64. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 340,040 shares of company stock valued at $12,715,513. 20.55% of the stock is owned by company insiders.
About IMAX
IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.
Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.
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