Northern Trust Corp lifted its position in shares of Imax Corp (NYSE:IMAX) by 1.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 649,056 shares of the company’s stock after purchasing an additional 10,460 shares during the period. Northern Trust Corp owned 1.04% of Imax worth $14,377,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IMAX. BlackRock Inc. raised its position in Imax by 8.2% in the second quarter. BlackRock Inc. now owns 2,862,906 shares of the company’s stock worth $63,414,000 after acquiring an additional 215,910 shares during the period. Quantitative Systematic Strategies LLC bought a new stake in Imax in the second quarter worth about $430,000. Wells Fargo & Company MN raised its position in Imax by 125.9% in the second quarter. Wells Fargo & Company MN now owns 333,875 shares of the company’s stock worth $7,396,000 after acquiring an additional 186,071 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Imax in the second quarter worth about $430,000. Finally, B. Riley Financial Inc. bought a new stake in Imax in the second quarter worth about $242,000. 83.89% of the stock is currently owned by institutional investors.
Several analysts have commented on the stock. ValuEngine lowered shares of Imax from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. Wedbush set a $32.00 price objective on shares of Imax and gave the stock a “buy” rating in a research report on Thursday, July 26th. Zacks Investment Research downgraded shares of Imax from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Barrington Research reduced their target price on shares of Imax to $27.00 and set an “outperform” rating for the company in a research note on Monday, October 29th. Finally, Canaccord Genuity reduced their target price on shares of Imax from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, October 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $26.72.
In related news, CFO Patrick Mcclymont sold 1,915 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $22.65, for a total transaction of $43,374.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Greg Foster sold 9,415 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $23.46, for a total transaction of $220,875.90. Following the transaction, the chief executive officer now directly owns 86,960 shares of the company’s stock, valued at approximately $2,040,081.60. The disclosure for this sale can be found here. Insiders sold 26,330 shares of company stock valued at $604,301 in the last quarter. Corporate insiders own 18.70% of the company’s stock.
IMAX opened at $19.95 on Tuesday. The stock has a market capitalization of $1.24 billion, a PE ratio of 110.83, a price-to-earnings-growth ratio of 1.64 and a beta of 1.20. Imax Corp has a twelve month low of $18.85 and a twelve month high of $26.70.
Imax (NYSE:IMAX) last posted its earnings results on Thursday, October 25th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.10. The firm had revenue of $82.11 million during the quarter, compared to the consensus estimate of $80.26 million. Imax had a net margin of 6.64% and a return on equity of 6.87%. As a group, equities research analysts expect that Imax Corp will post 0.64 EPS for the current fiscal year.
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IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, or joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.
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