Zurcher Kantonalbank Zurich Cantonalbank Has $453,000 Stake in IMAX Corporation (NYSE:IMAX)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of IMAX Corporation (NYSE:IMAX) by 22.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,179 shares of the company’s stock after buying an additional 3,168 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in IMAX were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Creative Financial Designs Inc. ADV bought a new stake in shares of IMAX during the first quarter valued at approximately $59,000. Tower Research Capital LLC TRC grew its stake in shares of IMAX by 415.4% during the fourth 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. Y Intercept Hong Kong Ltd bought a new stake in shares of IMAX during the first quarter valued at approximately $202,000. State of Tennessee Department of Treasury grew its stake in shares of IMAX by 19.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company’s stock valued at $252,000 after purchasing an additional 1,627 shares during the last quarter. Finally, North Star Investment Management Corp. bought a new stake in shares of IMAX during the first quarter valued at approximately $290,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Stock Performance

IMAX opened at $24.65 on Friday. The firm’s fifty day moving average is $27.39 and its two-hundred day moving average is $25.87. The firm has a market cap of $1.33 billion, a PE ratio of 41.08, a price-to-earnings-growth ratio of 1.73 and a beta of 0.81. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $29.66.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.07. The company had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share. Equities analysts forecast that IMAX Corporation will post 0.91 EPS for the current fiscal year.

IMAX announced that its board has authorized a stock buyback program on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

IMAX has been the topic of several research analyst reports. Rosenblatt Securities increased their price target on shares of IMAX from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, July 25th. The Goldman Sachs Group reissued a “sell” rating on shares of IMAX in a research note on Friday, July 25th. Barrington Research reissued an “outperform” rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, July 24th. Wall Street Zen raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Finally, B. Riley reaffirmed a “buy” rating and issued a $36.00 price objective on shares of IMAX in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, IMAX currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.80.

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.