Harbor Capital Advisors Inc. Increases Position in IMAX Corporation $IMAX

Harbor Capital Advisors Inc. increased its stake in shares of IMAX Corporation (NYSE:IMAX) by 50.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,264 shares of the company’s stock after purchasing an additional 13,872 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.08% of IMAX worth $1,525,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in IMAX. Westfield Capital Management Co. LP bought a new position in IMAX in the third quarter worth about $53,141,000. Orbis Allan Gray Ltd boosted its holdings in shares of IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after buying an additional 1,230,267 shares in the last quarter. Divisadero Street Capital Management LP bought a new stake in shares of IMAX in the 3rd quarter valued at about $20,975,000. Balyasny Asset Management L.P. purchased a new position in shares of IMAX in the 2nd quarter worth approximately $12,568,000. Finally, Marshall Wace LLP grew its position in shares of IMAX by 205.7% in the 2nd quarter. Marshall Wace LLP now owns 488,560 shares of the company’s stock worth $13,660,000 after buying an additional 328,761 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.

IMAX Trading Down 0.3%

Shares of IMAX stock opened at $40.01 on Friday. The firm’s 50 day simple moving average is $37.78 and its two-hundred day simple moving average is $35.84. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 64.54, a PEG ratio of 1.89 and a beta of 0.41. IMAX Corporation has a 12-month low of $20.48 and a 12-month high of $43.16.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The business had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. During the same period in the previous year, the firm posted $0.27 earnings per share. The business’s revenue for the quarter was up 35.1% compared to the same quarter last year. On average, sell-side analysts predict that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Insider Transactions at IMAX

In related news, insider Kevin Douglas sold 330,200 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.82, for a total value of $12,488,164.00. Following the sale, the insider owned 3,657,450 shares in the company, valued at $138,324,759. This represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard L. Gelfond sold 121,220 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total transaction of $4,860,922.00. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $30,676,580.20. This trade represents a 13.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 689,220 shares of company stock worth $26,342,682 over the last three months. Corporate insiders own 23.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on IMAX shares. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Roth Mkm reaffirmed a “buy” rating and issued a $42.00 price target on shares of IMAX in a report on Monday, December 8th. The Goldman Sachs Group upped their price target on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Wells Fargo & Company increased their price objective on IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Finally, JPMorgan Chase & Co. boosted their target price on IMAX from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, IMAX presently has a consensus rating of “Moderate Buy” and an average price target of $43.70.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.