Catalyst Capital Advisors LLC Takes Position in Imax Corporation (NYSE:IMAX)
Catalyst Capital Advisors LLC bought a new position in Imax Corporation (NYSE:IMAX) during the second quarter, Holdings Channel reports. The fund bought 11,700 shares of the company’s stock, valued at approximately $257,000.
A number of other institutional investors have also made changes to their positions in IMAX. Victory Capital Management Inc. raised its position in Imax Corporation by 4.0% in the first quarter. Victory Capital Management Inc. now owns 3,163,030 shares of the company’s stock worth $107,543,000 after buying an additional 120,995 shares in the last quarter. BlackRock Inc. raised its position in shares of Imax Corporation by 54,861.2% in the first quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock valued at $88,651,000 after buying an additional 2,602,613 shares during the period. Primecap Management Co. CA raised its position in shares of Imax Corporation by 6.2% in the first quarter. Primecap Management Co. CA now owns 1,904,530 shares of the company’s stock valued at $64,754,000 after buying an additional 111,817 shares during the period. State Street Corp raised its position in shares of Imax Corporation by 4.2% in the first quarter. State Street Corp now owns 1,064,207 shares of the company’s stock valued at $36,185,000 after buying an additional 42,970 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Imax Corporation by 22.9% in the first quarter. Bank of New York Mellon Corp now owns 943,621 shares of the company’s stock valued at $32,083,000 after buying an additional 175,539 shares during the period. Institutional investors own 80.56% of the company’s stock.
Shares of Imax Corporation (NYSE IMAX) opened at 18.85 on Tuesday. Imax Corporation has a 12-month low of $18.75 and a 12-month high of $35.30. The company has a 50-day moving average of $21.29 and a 200 day moving average of $28.04. The firm has a market capitalization of $1.22 billion, a PE ratio of 127.36 and a beta of 0.90.
Imax Corporation (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.17. The business had revenue of $87.76 million for the quarter, compared to the consensus estimate of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. Imax Corporation’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. On average, analysts predict that Imax Corporation will post $0.62 EPS for the current year.
Imax Corporation announced that its Board of Directors has initiated a stock repurchase program on Monday, June 12th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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Several brokerages recently commented on IMAX. B. Riley reaffirmed a “buy” rating and set a $43.50 price target on shares of Imax Corporation in a research report on Sunday, June 18th. Wedbush reiterated an “outperform” rating and set a $35.00 price objective on shares of Imax Corporation in a research note on Thursday, July 20th. Benchmark Co. downgraded shares of Imax Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. BidaskClub upgraded shares of Imax Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, MKM Partners decreased their price objective on shares of Imax Corporation from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Imax Corporation has a consensus rating of “Hold” and an average target price of $34.82.
In other news, CFO Patrick Mcclymont sold 1,760 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total value of $36,080.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total transaction of $67,017.00. Following the completion of the sale, the director now owns 17,945 shares in the company, valued at approximately $450,419.50. The disclosure for this sale can be found here. Company insiders own 18.90% of the company’s stock.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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