North Star Investment Management Corp. Purchases Shares of 11,000 IMAX Co. (NYSE:IMAX)

North Star Investment Management Corp. purchased a new stake in IMAX Co. (NYSE:IMAX) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 11,000 shares of the company’s stock, valued at approximately $290,000.

Several other large investors also recently made changes to their positions in the stock. FMR LLC raised its position in IMAX by 14.2% in the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock valued at $115,420,000 after buying an additional 558,940 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock worth $46,671,000 after acquiring an additional 491,172 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of IMAX by 45.4% in the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock valued at $15,987,000 after purchasing an additional 194,917 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of IMAX by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 612,115 shares of the company’s stock valued at $15,670,000 after purchasing an additional 60,762 shares during the last quarter. Finally, Oberweis Asset Management Inc. lifted its position in shares of IMAX by 29.7% in the fourth quarter. Oberweis Asset Management Inc. now owns 579,600 shares of the company’s stock worth $14,838,000 after purchasing an additional 132,600 shares in the last quarter. Institutional investors own 93.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Macquarie lifted their price target on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. JPMorgan Chase & Co. lowered their target price on IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Barrington Research reiterated an “outperform” rating and set a $32.00 target price on shares of IMAX in a report on Thursday, April 24th. Wall Street Zen upgraded IMAX from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company lowered their price target on IMAX from $32.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.70.

IMAX Trading Up 0.8%

IMAX stock opened at $28.82 on Monday. IMAX Co. has a 1-year low of $15.50 and a 1-year high of $29.66. The business’s 50 day simple moving average is $25.45 and its 200 day simple moving average is $25.22. The firm has a market capitalization of $1.55 billion, a PE ratio of 58.81, a PEG ratio of 1.49 and a beta of 0.81.

IMAX (NYSE:IMAX) last released 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 firm had revenue of $86.67 million for the quarter, compared to the consensus estimate of $82.95 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 earnings per share. As a group, sell-side analysts predict 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 program on Thursday, June 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are 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.