PDT Partners LLC Buys 122,200 Shares of Imax Corporation (IMAX)
PDT Partners LLC lifted its stake in shares of Imax Corporation (NYSE:IMAX) by 93.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 252,607 shares of the company’s stock after buying an additional 122,200 shares during the period. PDT Partners LLC owned about 0.39% of Imax Corporation worth $5,557,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Franklin Resources Inc. grew its position in Imax Corporation by 33.4% in the 2nd quarter. Franklin Resources Inc. now owns 5,063,469 shares of the company’s stock worth $111,412,000 after purchasing an additional 1,266,939 shares in the last quarter. TimesSquare Capital Management LLC purchased a new stake in Imax Corporation in the 2nd quarter valued at about $84,137,000. Alliancebernstein L.P. increased its stake in Imax Corporation by 2.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,255,313 shares of the company’s stock valued at $71,617,000 after buying an additional 73,675 shares during the last quarter. BlackRock Inc. increased its stake in Imax Corporation by 54,861.2% in the 1st 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. Finally, Stephens Investment Management Group LLC increased its stake in Imax Corporation by 31.9% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,994,507 shares of the company’s stock valued at $43,879,000 after buying an additional 482,151 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors.
Several research firms have commented on IMAX. Benchmark Co. cut shares of Imax Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Canaccord Genuity set a $33.00 target price on Imax Corporation and gave the company a “buy” rating in a report on Thursday, June 8th. B. Riley reaffirmed a “buy” rating and issued a $43.50 target price on shares of Imax Corporation in a report on Monday, June 12th. Roth Capital set a $33.00 price target on Imax Corporation and gave the company a “buy” rating in a research report on Tuesday, June 13th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating on shares of Imax Corporation in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.60.
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In other news, CEO Greg Foster sold 9,417 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the transaction, the chief executive officer now owns 67,018 shares in the company, valued at approximately $1,310,201.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. Company insiders own 18.90% of the company’s stock.
Imax Corporation (NYSE IMAX) opened at 22.90 on Monday. Imax Corporation has a 1-year low of $17.58 and a 1-year high of $35.30. The company has a market cap of $1.48 billion, a P/E ratio of 154.73 and a beta of 0.99. The stock’s 50 day moving average price is $19.59 and its 200 day moving average price is $25.72.
Imax Corporation (NYSE:IMAX) last announced its 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. The business had revenue of $87.76 million during the quarter, compared to analyst estimates of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 EPS. On average, equities analysts anticipate that Imax Corporation will post $0.61 earnings per share for the current fiscal year.
Imax Corporation announced that its Board of Directors has approved a share buyback plan on Monday, June 12th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Imax Corporation 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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