Schwab Charles Investment Management Inc. maintained its stake in shares of Imax Corporation (NYSE:IMAX) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 93,600 shares of the company’s stock at the end of the first quarter. Schwab Charles Investment Management Inc. owned approximately 0.14% of Imax Corporation worth $3,183,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in IMAX. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock worth $156,000 after buying an additional 2,546 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Imax Corporation during the first quarter worth approximately $173,000. Laurion Capital Management LP purchased a new stake in shares of Imax Corporation during the first quarter worth approximately $326,000. Guggenheim Capital LLC increased its stake in shares of Imax Corporation by 102.7% in the fourth quarter. Guggenheim Capital LLC now owns 14,866 shares of the company’s stock worth $467,000 after buying an additional 7,533 shares in the last quarter. Finally, B. Riley Financial Inc. increased its stake in shares of Imax Corporation by 81.1% in the first quarter. B. Riley Financial Inc. now owns 14,850 shares of the company’s stock worth $505,000 after buying an additional 6,650 shares in the last quarter. Institutional investors own 80.56% of the company’s stock.
Shares of Imax Corporation (NYSE IMAX) traded down 2.67% during trading on Friday, reaching $18.25. The company’s stock had a trading volume of 1,461,963 shares. The company has a market cap of $1.18 billion, a PE ratio of 123.31 and a beta of 0.90. The firm’s 50-day moving average is $20.75 and its 200 day moving average is $27.70. Imax Corporation has a 52-week low of $18.12 and a 52-week high of $35.30.
Imax Corporation (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The company had revenue of $87.76 million during the quarter, compared to analysts’ expectations of $89.26 million. During the same period in the prior year, the company earned $0.18 EPS. Imax Corporation’s revenue was down 4.3% compared to the same quarter last year. On average, equities research analysts predict that Imax Corporation will post $0.62 EPS for the current fiscal year.
Imax Corporation announced that its board has authorized a share buyback plan on Monday, June 12th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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A number of analysts have commented on the company. B. Riley reiterated a “buy” rating and issued a $43.50 price objective on shares of Imax Corporation in a research report on Sunday, June 18th. Wedbush restated an “outperform” rating and set a $35.00 target price on shares of Imax Corporation in a research report on Thursday, July 20th. Benchmark Co. downgraded Imax Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. BidaskClub upgraded Imax Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, MKM Partners cut their target price on Imax Corporation from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $34.82.
In other news, CFO Patrick Mcclymont sold 1,760 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total value of $36,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric A. Demirian sold 2,670 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total value of $67,017.00. Following the completion of the transaction, the director now owns 17,945 shares of the company’s stock, valued at $450,419.50. The disclosure for this sale can be found here. 18.90% of the stock is currently owned by corporate insiders.
About Imax Corporation
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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