Credit Suisse AG reduced its stake in shares of Imax Corp (NYSE:IMAX) by 13.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 137,086 shares of the company’s stock after selling 20,826 shares during the period. Credit Suisse AG owned 0.21% of Imax Corp worth $4,660,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Imax Corp by 54,861.2% in the first quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock valued at $88,651,000 after buying an additional 2,602,613 shares during the last quarter. Norges Bank acquired a new position in shares of Imax Corp during the fourth quarter valued at $36,139,000. Russell Investments Group Ltd. boosted its position in shares of Imax Corp by 1,652.7% in the first quarter. Russell Investments Group Ltd. now owns 755,254 shares of the company’s stock valued at $25,678,000 after buying an additional 712,163 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new position in shares of Imax Corp during the first quarter valued at $17,347,000. Finally, Suffolk Capital Management LLC acquired a new position in shares of Imax Corp during the first quarter valued at $14,284,000. Institutional investors own 80.56% of the company’s stock.
Imax Corp (NYSE IMAX) traded down 2.67% on Friday, hitting $18.25. 1,461,963 shares of the stock were exchanged. Imax Corp has a 12 month low of $18.12 and a 12 month high of $35.30. The company has a 50-day moving average of $20.75 and a 200 day moving average of $27.70. The firm has a market cap of $1.18 billion, a P/E ratio of 123.31 and a beta of 0.90.
Imax Corp (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Imax Corp had a net margin of 2.36% and a negative return on equity of 1.28%. The business had revenue of $87.76 million during the quarter, compared to analysts’ expectations of $89.26 million. During the same period last year, the business earned $0.18 earnings per share. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. Equities research analysts expect that Imax Corp will post $0.62 earnings per share for the current fiscal year.
Imax Corp declared that its Board of Directors has authorized a share repurchase plan on Monday, June 12th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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Several equities analysts have commented on IMAX shares. Wedbush dropped their target price on shares of Imax Corp from $41.50 to $39.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. B. Riley reissued a “buy” rating and set a $46.00 target price on shares of Imax Corp in a research report on Saturday, April 22nd. MKM Partners reissued a “buy” rating and set a $40.00 target price on shares of Imax Corp in a research report on Tuesday, April 25th. TheStreet cut shares of Imax Corp from a “b-” rating to a “c” rating in a research report on Wednesday, May 17th. Finally, ValuEngine cut shares of Imax Corp from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $34.82.
In other Imax Corp news, CFO Patrick Mcclymont sold 1,760 shares of Imax Corp stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric A. Demirian sold 2,670 shares of Imax Corp stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total transaction of $67,017.00. Following the completion of the transaction, the director now owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The disclosure for this sale can be found here. 18.90% of the stock is owned by company insiders.
Imax Corp Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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