Hedges Asset Management LLC Sells 2,500 Shares of IMAX Corporation (NYSE:IMAX)

Hedges Asset Management LLC lessened its holdings in shares of IMAX Corporation (NYSE:IMAX) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,100 shares of the company’s stock after selling 2,500 shares during the period. IMAX makes up 1.3% of Hedges Asset Management LLC’s portfolio, making the stock its 21st biggest position. Hedges Asset Management LLC owned approximately 0.15% of IMAX worth $2,137,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. FMR LLC lifted its position in IMAX by 14.2% in the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock valued at $115,420,000 after acquiring an additional 558,940 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of 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 buying an additional 491,172 shares during the period. Wells Fargo & Company MN boosted its position in shares of IMAX by 45.4% during the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after buying an additional 194,917 shares during the period. Vanguard Group Inc. grew its holdings in shares of IMAX by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 612,115 shares of the company’s stock worth $15,670,000 after buying an additional 60,762 shares in the last quarter. Finally, Oberweis Asset Management Inc. raised its position in IMAX by 29.7% in the 4th quarter. Oberweis Asset Management Inc. now owns 579,600 shares of the company’s stock valued at $14,838,000 after buying an additional 132,600 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.

IMAX Price Performance

Shares of IMAX opened at $27.52 on Friday. The company has a market cap of $1.48 billion, a PE ratio of 58.56, a price-to-earnings-growth ratio of 1.70 and a beta of 0.81. The firm has a 50-day moving average of $26.53 and a 200-day moving average of $25.36. IMAX Corporation has a one year low of $16.33 and a one year high of $29.66.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $86.67 million during the quarter, compared to the consensus estimate of $82.95 million. IMAX had a net margin of 6.98% and a return on equity of 7.79%. IMAX’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the business posted $0.15 EPS. Analysts expect that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX declared that its Board of Directors has approved a stock buyback program on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IMAX. B. Riley reaffirmed a “buy” rating and set a $36.00 price target on shares of IMAX in a research report on Friday, May 16th. Wall Street Zen upgraded shares of IMAX from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Wells Fargo & Company decreased their target price on shares of IMAX from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Macquarie boosted their price target on shares of IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Finally, Barrington Research restated an “outperform” rating and set a $32.00 price objective on shares of IMAX in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $31.70.

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.