IMAX Corporation $IMAX Shares Sold by Renaissance Group LLC

Renaissance Group LLC lessened its stake in IMAX Corporation (NYSE:IMAX) by 43.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 46,637 shares of the company’s stock after selling 35,826 shares during the period. Renaissance Group LLC’s holdings in IMAX were worth $1,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of IMAX by 47.9% during the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after purchasing an additional 18,238 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in IMAX by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock worth $672,000 after buying an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in IMAX by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock worth $4,208,000 after buying an additional 11,736 shares during the period. Aurora Investment Counsel purchased a new stake in IMAX in the second quarter valued at approximately $1,955,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in shares of IMAX by 513.3% in the second quarter. Y Intercept Hong Kong Ltd now owns 47,108 shares of the company’s stock valued at $1,317,000 after acquiring an additional 39,427 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Insider Activity

In other news, EVP Giovanni M. Dolci sold 6,188 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the completion of the transaction, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This represents a 15.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 23.18% of the company’s stock.

IMAX Stock Up 2.3%

Shares of IMAX stock opened at $37.23 on Friday. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 52.44, a price-to-earnings-growth ratio of 1.84 and a beta of 0.38. IMAX Corporation has a 52-week low of $20.48 and a 52-week high of $39.98. The company’s 50-day simple moving average is $36.33 and its 200-day simple moving average is $32.83.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IMAX in a report on Monday, December 29th. Barrington Research restated an “outperform” rating and issued a $42.00 price objective on shares of IMAX in a research note on Monday, January 26th. Wells Fargo & Company increased their target price on shares of IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Wall Street Zen raised IMAX from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Macquarie Infrastructure upped their price objective on IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.70.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.