Hedges Asset Management LLC Decreases Stake in IMAX Corporation $IMAX

Hedges Asset Management LLC decreased its position in IMAX Corporation (NYSE:IMAX) by 28.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,900 shares of the company’s stock after selling 23,200 shares during the period. IMAX accounts for 1.3% of Hedges Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Hedges Asset Management LLC owned 0.11% of IMAX worth $1,619,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IMAX. BNP Paribas Financial Markets increased its stake in IMAX by 267.2% in the 4th quarter. BNP Paribas Financial Markets now owns 96,062 shares of the company’s stock valued at $2,459,000 after buying an additional 69,901 shares during the last quarter. Deutsche Bank AG increased its stake in IMAX by 765.1% in the 4th quarter. Deutsche Bank AG now owns 241,930 shares of the company’s stock valued at $6,193,000 after buying an additional 213,965 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in IMAX by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock valued at $625,000 after buying an additional 905 shares during the last quarter. Nuveen Asset Management LLC increased its stake in IMAX by 27.8% in the 4th quarter. Nuveen Asset Management LLC now owns 171,781 shares of the company’s stock valued at $4,398,000 after buying an additional 37,408 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in IMAX in the 4th quarter valued at about $309,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IMAX shares. Wall Street Zen downgraded shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 22nd. Barrington Research reissued an “outperform” rating and set a $32.00 target price on shares of IMAX in a research report on Thursday, July 24th. Wells Fargo & Company increased their target price on shares of IMAX from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Wedbush increased 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. Finally, Rosenblatt Securities increased 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. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.80.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider directly owned 26,133 shares of the company’s stock, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 23.18% of the company’s stock.

IMAX Trading Up 1.7%

IMAX opened at $32.34 on Friday. The company has a 50 day moving average of $27.43 and a 200 day moving average of $26.39. The company has a market cap of $1.74 billion, a PE ratio of 53.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.68. IMAX Corporation has a 12 month low of $18.76 and a 12 month high of $32.36.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.19 by $0.07. The company had revenue of $91.68 million during the quarter, compared to the consensus estimate of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. IMAX’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period last year, the firm earned $0.18 EPS. Research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its board has approved a stock buyback program on Thursday, June 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management 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.