SignalPoint Asset Management LLC bought a new stake in shares of Imax Corp (NYSE:IMAX) in the 3rd quarter, Holdings Channel reports. The fund bought 14,877 shares of the company’s stock, valued at approximately $327,000.
Several other institutional investors have also made changes to their positions in the company. Pembroke Management LTD lifted its position in shares of Imax by 17.3% during the second quarter. Pembroke Management LTD now owns 941,900 shares of the company’s stock worth $19,026,000 after purchasing an additional 138,900 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Imax by 83.0% during the second quarter. Renaissance Technologies LLC now owns 835,600 shares of the company’s stock worth $16,879,000 after purchasing an additional 379,000 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Imax during the second quarter worth about $16,497,000. Spyglass Capital Management LLC lifted its position in shares of Imax by 24.8% during the second quarter. Spyglass Capital Management LLC now owns 605,253 shares of the company’s stock worth $12,226,000 after purchasing an additional 120,334 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new position in shares of Imax during the second quarter worth about $9,094,000. Institutional investors own 77.56% of the company’s stock.
Several equities analysts have recently commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $28.00 price target on shares of Imax in a research report on Wednesday, July 31st. ValuEngine raised shares of Imax from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research cut shares of Imax from a “hold” rating to a “sell” rating and set a $23.00 target price on the stock. in a report on Tuesday, October 1st. B. Riley set a $34.00 target price on shares of Imax and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Goldman Sachs Group set a $23.00 target price on shares of Imax and gave the stock a “hold” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.57.
Imax (NYSE:IMAX) last issued its earnings results on Tuesday, July 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.10. The firm had revenue of $104.80 million for the quarter, compared to analysts’ expectations of $98.27 million. Imax had a net margin of 7.01% and a return on equity of 6.32%. Imax’s revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. As a group, sell-side analysts forecast that Imax Corp will post 0.84 EPS for the current fiscal year.
In other news, CFO Patrick Mcclymont sold 1,915 shares of Imax stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $21.35, for a total transaction of $40,885.25. Following the sale, the chief financial officer now owns 16,481 shares of the company’s stock, valued at $351,869.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Richard L. Gelfond sold 8,384 shares of Imax stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $20.74, for a total value of $173,884.16. Following the sale, the chief executive officer now directly owns 258,392 shares in the company, valued at approximately $5,359,050.08. The disclosure for this sale can be found here. Insiders own 20.20% of the company’s stock.
Imax Company Profile
IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, and joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.
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