Rhumbline Advisers Acquires 4,325 Shares of IMAX Corporation (NYSE:IMAX)

Rhumbline Advisers lifted its holdings in shares of IMAX Corporation (NYSE:IMAX) by 7.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 60,447 shares of the company’s stock after acquiring an additional 4,325 shares during the period. Rhumbline Advisers owned approximately 0.11% of IMAX worth $1,593,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IMAX. Blue Trust Inc. lifted its holdings in IMAX by 138.5% during the 4th 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 last quarter. Tower Research Capital LLC TRC lifted its holdings in IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock valued at $185,000 after purchasing an additional 5,832 shares during the last quarter. Wealthfront Advisers LLC bought a new position in IMAX during the 4th quarter valued at about $217,000. Cornerstone Investment Partners LLC bought a new position in IMAX during the 4th quarter valued at about $248,000. Finally, Savant Capital LLC bought a new position in IMAX during the 4th quarter valued at about $249,000. 93.51% of the stock is owned by institutional investors.

IMAX Trading Up 0.1%

Shares of NYSE IMAX opened at $29.19 on Thursday. IMAX Corporation has a 1-year low of $16.06 and a 1-year high of $29.66. The company has a 50-day moving average of $25.81 and a two-hundred day moving average of $25.29. The company has a market cap of $1.57 billion, a PE ratio of 62.11, a P/E/G ratio of 1.85 and a beta of 0.81.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. IMAX had a net margin of 6.98% and a return on equity of 7.79%. The company had revenue of $86.67 million during the quarter, compared to analysts’ expectations of $82.95 million. During the same quarter in the previous year, the company earned $0.15 EPS. IMAX’s revenue was up 9.6% on a year-over-year basis. As a group, equities research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX announced that its Board of Directors has approved a stock repurchase program on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

IMAX has been the subject of several analyst reports. Wedbush reissued an “outperform” rating and set a $32.00 price target on shares of IMAX in a report on Thursday, April 17th. Wells Fargo & Company dropped their target price on shares of IMAX from $32.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Roth Capital reaffirmed a “buy” rating and issued a $36.00 target price (up from $32.00) on shares of IMAX in a research note on Friday, June 13th. JPMorgan Chase & Co. dropped their target price on shares of IMAX from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Finally, Macquarie boosted their target price on shares of IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, IMAX has an average rating of “Buy” and a consensus target price of $31.70.

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.