Northern Trust Corp Raises Stake in IMAX Corporation $IMAX

Northern Trust Corp raised its position in IMAX Corporation (NYSE:IMAX) by 3.4% in the first quarter, Holdings Channel reports. The fund owned 354,233 shares of the company’s stock after buying an additional 11,588 shares during the period. Northern Trust Corp’s holdings in IMAX were worth $9,334,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IMAX. Ameriprise Financial Inc. raised its holdings in IMAX by 36.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock worth $46,671,000 after purchasing an additional 491,172 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in IMAX by 805.9% during the first quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company’s stock worth $12,371,000 after purchasing an additional 417,677 shares in the last quarter. Deutsche Bank AG raised its holdings in IMAX by 765.1% during the fourth quarter. Deutsche Bank AG now owns 241,930 shares of the company’s stock worth $6,193,000 after purchasing an additional 213,965 shares in the last quarter. Nuveen LLC acquired a new stake in IMAX during the first quarter worth approximately $4,438,000. Finally, Polar Asset Management Partners Inc. raised its holdings in IMAX by 191.6% during the fourth quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company’s stock worth $5,236,000 after purchasing an additional 134,389 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

Insiders Place Their Bets

In related news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction 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 transaction, the insider directly owned 26,133 shares in the company, valued at $670,311.45. This trade represents a 36.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 23.18% of the stock is currently owned by company insiders.

IMAX Price Performance

Shares of IMAX stock opened at $29.75 on Friday. The firm’s fifty day simple moving average is $27.03 and its 200-day simple moving average is $26.22. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 49.58, a PEG ratio of 2.01 and a beta of 0.68. IMAX Corporation has a 12 month low of $18.76 and a 12 month high of $29.82.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.07. The business had revenue of $91.68 million for the quarter, compared to analysts’ expectations of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. Analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX declared that its board has authorized a share repurchase plan on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on IMAX. Roth Capital reissued a “buy” rating and set a $36.00 price objective on shares of IMAX in a report on Wednesday, July 9th. Wells Fargo & Company raised their price objective on shares of IMAX from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Wedbush raised their price objective on shares of IMAX from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a report on Friday, August 22nd. Finally, B. Riley reaffirmed a “buy” rating and issued a $36.00 target price on shares of IMAX in a report on Friday, May 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.80.

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.