Envestnet Asset Management Inc. Grows Stake in IMAX Co. (NYSE:IMAX)

Envestnet Asset Management Inc. raised its stake in IMAX Co. (NYSE:IMAX) by 10.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,406 shares of the company’s stock after purchasing an additional 6,129 shares during the quarter. Envestnet Asset Management Inc. owned about 0.12% of IMAX worth $1,598,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in IMAX by 138.5% in the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after purchasing an additional 561 shares during the period. Wealthfront Advisers LLC purchased a new position in IMAX in the fourth quarter valued at about $217,000. Cornerstone Investment Partners LLC purchased a new position in IMAX in the fourth quarter valued at about $248,000. Savant Capital LLC purchased a new position in IMAX in the fourth quarter valued at about $249,000. Finally, US Bancorp DE raised its position in IMAX by 60.3% in the fourth quarter. US Bancorp DE now owns 12,276 shares of the company’s stock valued at $314,000 after purchasing an additional 4,620 shares during the period. 93.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IMAX. JPMorgan Chase & Co. dropped their target price on IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. StockNews.com raised IMAX from a “hold” rating to a “buy” rating in a research report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $35.00 target price on shares of IMAX in a research report on Thursday, April 24th. Barrington Research reaffirmed an “outperform” rating and set a $32.00 target price on shares of IMAX in a research report on Thursday, April 24th. Finally, Benchmark reaffirmed a “buy” rating and set a $30.00 target price on shares of IMAX in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $30.56.

IMAX Price Performance

Shares of IMAX opened at $23.98 on Tuesday. The business’s fifty day moving average price is $24.63 and its 200 day moving average price is $24.38. IMAX Co. has a 12-month low of $14.94 and a 12-month high of $27.77. The stock has a market capitalization of $1.29 billion, a PE ratio of 48.94, a price-to-earnings-growth ratio of 1.49 and a beta of 0.91.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. IMAX had a return on equity of 8.60% and a net margin of 7.40%. The firm had revenue of $86.67 million for the quarter, compared to analysts’ expectations of $82.95 million. During the same period last year, the business posted $0.15 earnings per share. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts anticipate that IMAX Co. will post 0.91 earnings per share for the current fiscal year.

IMAX Company Profile

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.