Charles Schwab Investment Management Inc. Acquires 1,309 Shares of IMAX Corporation $IMAX

Charles Schwab Investment Management Inc. raised its holdings in IMAX Corporation (NYSE:IMAX) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,510 shares of the company’s stock after buying an additional 1,309 shares during the period. Charles Schwab Investment Management Inc. owned about 0.19% of IMAX worth $2,754,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Creative Financial Designs Inc. ADV bought a new position in shares of IMAX during the first quarter valued at about $59,000. Tower Research Capital LLC TRC raised 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. Y Intercept Hong Kong Ltd bought a new stake in shares of IMAX in the first quarter valued at approximately $202,000. State of Tennessee Department of Treasury raised its position in shares of IMAX by 19.8% in 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 period. Finally, North Star Investment Management Corp. bought a new stake in shares of IMAX in the first quarter valued at approximately $290,000. 93.51% of the stock is owned by institutional investors.

Insider Buying and Selling at IMAX

In other news, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the transaction, the insider owned 26,133 shares in the company, valued at $670,311.45. This represents a 36.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 23.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

IMAX has been the topic of several research reports. Wells Fargo & Company boosted their price target on shares of IMAX from $30.00 to $34.00 and gave the company an “overweight” rating in a research report 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 issued a $32.00 price target on shares of IMAX in a research note on Thursday, July 24th. Rosenblatt Securities upped their price objective 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. Finally, Wall Street Zen lowered shares of IMAX from a “strong-buy” rating to a “buy” rating in a report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.80.

IMAX Stock Down 0.7%

Shares of NYSE IMAX opened at $28.53 on Friday. The firm’s 50-day moving average price is $26.86 and its 200-day moving average price is $26.13. The company has a market cap of $1.53 billion, a PE ratio of 47.55, a PEG ratio of 1.97 and a beta of 0.81. IMAX Corporation has a 52-week low of $18.76 and a 52-week high of $29.66.

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

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

About IMAX

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.