IMAX Corporation (NYSE:IMAX) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in IMAX Corporation (NYSE:IMAX) by 4.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 108,550 shares of the company’s stock after purchasing an additional 4,604 shares during the quarter. Principal Financial Group Inc. owned about 0.20% of IMAX worth $2,860,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in IMAX. Creative Financial Designs Inc. ADV purchased a new position in IMAX in the first quarter worth approximately $59,000. Tower Research Capital LLC TRC grew its position in IMAX by 415.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after acquiring an additional 5,832 shares during the period. State of Tennessee Department of Treasury grew its position in IMAX by 19.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company’s stock worth $252,000 after acquiring an additional 1,627 shares during the period. North Star Investment Management Corp. purchased a new position in IMAX in the first quarter worth approximately $290,000. Finally, ProShare Advisors LLC purchased a new position in IMAX in the fourth quarter worth approximately $309,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Price Performance

Shares of NYSE IMAX opened at $28.42 on Friday. The stock’s 50-day moving average is $27.54 and its two-hundred day moving average is $25.60. IMAX Corporation has a 1-year low of $17.44 and a 1-year high of $29.66. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 60.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.80.

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

IMAX announced that its board has authorized a share buyback plan on Thursday, June 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IMAX. Wall Street Zen upgraded IMAX from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Macquarie raised their price target on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. JPMorgan Chase & Co. lowered their price target on IMAX from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Barrington Research restated an “outperform” rating and set a $32.00 price target on shares of IMAX in a research report on Thursday, April 24th. Finally, Wedbush restated an “outperform” rating on shares of IMAX in a research report on Friday, July 11th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target 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.