IMAX Co. (NYSE:IMAX) Shares Sold by ING Groep NV

ING Groep NV cut its holdings in IMAX Co. (NYSE:IMAX) by 43.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 54,641 shares of the company’s stock after selling 41,808 shares during the period. ING Groep NV’s holdings in IMAX were worth $1,121,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of IMAX. Huntington National Bank acquired a new position in IMAX during the 3rd quarter valued at about $34,000. Headlands Technologies LLC acquired a new position in IMAX during the 2nd quarter valued at about $35,000. nVerses Capital LLC acquired a new position in IMAX during the 3rd quarter valued at about $70,000. Summit Securities Group LLC acquired a new position in IMAX during the 2nd quarter valued at about $80,000. Finally, US Bancorp DE boosted its stake in IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after purchasing an additional 1,452 shares during the period. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Price Performance

IMAX stock opened at $24.21 on Monday. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $25.28. The company’s 50 day simple moving average is $21.37 and its 200-day simple moving average is $19.24. The firm has a market capitalization of $1.28 billion, a P/E ratio of 55.02, a P/E/G ratio of 1.59 and a beta of 1.22.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same quarter in the previous year, the business earned $0.27 earnings per share. The firm’s revenue was down 11.9% compared to the same quarter last year. Sell-side analysts predict that IMAX Co. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wedbush boosted their price target on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Macquarie boosted their price target on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Roth Mkm boosted their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Finally, Barrington Research restated an “outperform” rating and set a $24.00 price target on shares of IMAX in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.22.

About IMAX

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.