Hedges Asset Management LLC Acquires New Shares in IMAX Corporation $IMAX

Hedges Asset Management LLC bought a new position in shares of IMAX Corporation (NYSE:IMAX – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 56,500 shares of the company’s stock, valued at approximately $2,088,000. IMAX comprises about 1.5% of Hedges Asset Management LLC’s portfolio, making the stock its 19th biggest holding.

Several other large investors have also modified their holdings of IMAX. CIBC Private Wealth Group LLC purchased a new stake in IMAX in the 3rd quarter valued at about $27,000. First Horizon Corp acquired a new stake in shares of IMAX during the third quarter valued at about $34,000. Jones Financial Companies Lllp raised its stake in shares of IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after acquiring an additional 317 shares during the period. Clearstead Advisors LLC acquired a new position in shares of IMAX in the 3rd quarter worth approximately $35,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock worth $38,000 after purchasing an additional 1,109 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Price Performance

Shares of IMAX stock traded down $2.15 on Friday, reaching $34.95. 2,820,395 shares of the company were exchanged, compared to its average volume of 926,249. The stock’s 50 day moving average price is $38.21 and its 200-day moving average price is $36.19. IMAX Corporation has a 1-year low of $21.86 and a 1-year high of $43.16. The company has a market cap of $1.89 billion, a P/E ratio of 56.37, a price-to-earnings-growth ratio of 1.69 and a beta of 0.41.

IMAX (NYSE:IMAX – Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, beating 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 firm had revenue of $125.21 million for the quarter, compared to analysts’ expectations of $120.30 million. During the same quarter last year, the company earned $0.27 earnings per share. The firm’s revenue was up 35.1% compared to the same quarter last year. On average, research analysts predict that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IMAX has been the subject of several research analyst reports. Barrington Research restated an “outperform” rating and set a $42.00 price target on shares of IMAX in a research report on Monday, January 26th. Benchmark increased their target price on IMAX from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Macquarie Infrastructure raised their target price on IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. JPMorgan Chase & Co. boosted their price target on shares of IMAX from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.70.

Check Out Our Latest Report on IMAX

Insiders Place Their Bets

In related news, insider Kevin Douglas sold 330,200 shares of the stock in a transaction 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 transaction, the insider owned 3,657,450 shares of the company’s stock, valued at $138,324,759. This represents a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Richard L. Gelfond sold 15,746 shares of the firm’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $37.07, for a total value of $583,704.22. Following the completion of the sale, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,358,624.14. This represents a 2.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 969,422 shares of company stock worth $36,915,549 over the last 90 days. Company insiders own 23.18% of the company’s stock.

About IMAX

(Free Report)

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.

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