IMAX Corporation $IMAX Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio cut its stake in IMAX Corporation (NYSE:IMAX) by 4.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,844 shares of the company’s stock after selling 3,013 shares during the period. Public Employees Retirement System of Ohio owned 0.11% of IMAX worth $1,701,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in IMAX. Ridgewood Investments LLC bought a new stake in IMAX during the second quarter valued at $62,000. Assenagon Asset Management S.A. bought a new stake in IMAX during the second quarter valued at $2,091,000. Wesbanco Bank Inc. increased its stake in IMAX by 146.4% during the second quarter. Wesbanco Bank Inc. now owns 44,600 shares of the company’s stock valued at $1,247,000 after purchasing an additional 26,500 shares during the last quarter. Rhumbline Advisers increased its stake in IMAX by 7.7% during the first quarter. Rhumbline Advisers now owns 60,447 shares of the company’s stock valued at $1,593,000 after purchasing an additional 4,325 shares during the last quarter. Finally, Strs Ohio bought a new stake in IMAX during the first quarter valued at $9,278,000. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Stock Up 2.3%

Shares of IMAX opened at $33.74 on Friday. The firm has a 50-day moving average price of $28.92 and a 200 day moving average price of $27.20. The firm has a market capitalization of $1.81 billion, a PE ratio of 56.23, a P/E/G ratio of 2.24 and a beta of 0.62. IMAX Corporation has a 52-week low of $19.19 and a 52-week high of $34.14.

IMAX (NYSE:IMAX) last announced its 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. The firm had revenue of $91.68 million during 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%. IMAX’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 EPS. On average, equities analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

IMAX announced that its Board of Directors has authorized a share buyback plan on Thursday, June 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at IMAX

In other IMAX news, VP Robert D. Lister sold 20,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $32.80, for a total value of $656,000.00. Following the completion of the sale, the vice president directly owned 161,421 shares of the company’s stock, valued at approximately $5,294,608.80. This represents a 11.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth Ian Weissman sold 15,072 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the sale, the insider directly owned 26,133 shares of the company’s stock, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

IMAX has been the subject of several recent research reports. The Goldman Sachs Group reiterated a “sell” rating on shares of IMAX in a research note on Friday, July 25th. Rosenblatt Securities boosted their target price 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. Wells Fargo & Company boosted their target price on shares of IMAX from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Barrington Research boosted their target price on shares of IMAX from $32.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Finally, Roth Capital restated a “buy” rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, IMAX has an average rating of “Moderate Buy” and an average price target of $33.70.

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.