Pinnacle Associates Ltd. Decreases Stake in IMAX Co. (NYSE:IMAX)

Pinnacle Associates Ltd. reduced its holdings in IMAX Co. (NYSE:IMAXGet Rating) by 27.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,380 shares of the company’s stock after selling 13,970 shares during the period. Pinnacle Associates Ltd. owned approximately 0.06% of IMAX worth $514,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of IMAX. JPMorgan Chase & Co. lifted its stake in shares of IMAX by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 706,135 shares of the company’s stock worth $13,367,000 after buying an additional 27,207 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of IMAX in the first quarter worth about $229,000. Citigroup Inc. lifted its stake in shares of IMAX by 40.9% in the first quarter. Citigroup Inc. now owns 66,264 shares of the company’s stock worth $1,254,000 after buying an additional 19,226 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of IMAX by 53.9% in the first quarter. MetLife Investment Management LLC now owns 27,896 shares of the company’s stock worth $528,000 after buying an additional 9,767 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of IMAX by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,039,779 shares of the company’s stock worth $19,684,000 after buying an additional 6,605 shares in the last quarter. 75.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CMO Denny Tu sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, December 2nd. The shares were sold at an average price of $17.26, for a total value of $103,560.00. Following the completion of the transaction, the chief marketing officer now owns 9,421 shares of the company’s stock, valued at $162,606.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 22.22% of the company’s stock.

IMAX Price Performance

Shares of IMAX opened at $16.39 on Tuesday. IMAX Co. has a 1-year low of $12.13 and a 1-year high of $21.25. The stock has a market cap of $917.40 million, a PE ratio of -60.70, a P/E/G ratio of 3.04 and a beta of 1.29. The firm has a 50-day simple moving average of $15.27 and a two-hundred day simple moving average of $15.35.

IMAX (NYSE:IMAXGet Rating) last posted its quarterly earnings data on Monday, October 31st. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. IMAX had a negative net margin of 4.92% and a negative return on equity of 2.98%. The business had revenue of $68.76 million during the quarter, compared to analyst estimates of $68.39 million. During the same quarter last year, the firm posted ($0.16) earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, sell-side analysts expect that IMAX Co. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IMAX has been the subject of several recent analyst reports. StockNews.com initiated coverage on shares of IMAX in a research report on Wednesday, October 12th. They set a “hold” rating for the company. JPMorgan Chase & Co. cut their price objective on shares of IMAX from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, November 1st. Wells Fargo & Company cut their price objective on shares of IMAX from $26.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, November 1st. Benchmark cut their price objective on shares of IMAX from $25.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, October 6th. Finally, B. Riley raised their price objective on shares of IMAX from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, December 5th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.86.

IMAX Company Profile

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IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company worldwide. It offers cinematic solution through proprietary software, theater architecture, intellectual property, and specialized equipment. The company offers IMAX Digital Re-Mastering (DMR), a proprietary technology that digitally enhances the image resolution, visual clarity, and sound quality of motion picture films for projection on IMAX screens; IMAX theater systems to exhibitor customers through sales, leases, and joint revenue sharing arrangements; and digital projection systems.

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Institutional Ownership by Quarter for IMAX (NYSE:IMAX)

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