K2 Principal Fund L.P. Makes New $3.71 Million Investment in IMAX Corporation $IMAX

K2 Principal Fund L.P. bought a new position in shares of IMAX Corporation (NYSE:IMAX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 93,100 shares of the company’s stock, valued at approximately $3,711,000.

Other hedge funds have also modified their holdings of the company. Alpine Woods Capital Investors LLC bought a new position in IMAX in the 2nd quarter worth approximately $932,000. BlackRock Inc. bought a new position in IMAX in the 2nd quarter valued at $115,881,000. Deutsche Bank AG bought a new position in IMAX in the 2nd quarter valued at $1,977,000. Global Retirement Partners LLC acquired a new stake in shares of IMAX in the 2nd quarter valued at $85,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of IMAX in the 2nd quarter valued at $5,512,000. 93.51% of the stock is owned by institutional investors.

IMAX Stock Down 3.3%

IMAX opened at $50.66 on Wednesday. The stock has a market cap of $2.78 billion, a P/E ratio of 70.36, a P/E/G ratio of 1.74 and a beta of 0.38. IMAX Corporation has a 12 month low of $25.48 and a 12 month high of $54.27. The company has a fifty day simple moving average of $44.00 and a 200 day simple moving average of $39.79.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The firm had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same period in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities research analysts expect that IMAX Corporation will post 1.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IMAX has been the topic of several research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $60.00 price target on shares of IMAX in a research note on Friday, May 22nd. Weiss Ratings upgraded IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. B. Riley Financial boosted their price objective on IMAX from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Roth Capital upped their target price on shares of IMAX from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Finally, Wall Street Zen raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.55.

More IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey is generating exceptional IMAX demand. Christopher Nolan’s film has surpassed $300 million in worldwide IMAX box office, becoming the first movie to reach that milestone. It also delivered a $47 million global IMAX weekend, including a particularly strong debut in China. IMAX Posts $47 Million Global Weekend Boosted by The Odyssey
• Positive Sentiment: China is proving a major growth driver. The Odyssey generated approximately RMB90 million ($13.2 million) during its Chinese opening weekend, representing about 45% of the film’s total opening-weekend revenue. Reports also indicate that major cinematic and sporting events, including NBA content, are bringing audiences back to theaters. IMAX Powers The Odyssey Debut in China
• Positive Sentiment: Demand is extending across international markets. The Odyssey became the highest-grossing film ever at London’s BFI IMAX, surpassing Avatar, while reports from Korea suggest the film is attracting younger audiences in their 20s and 30s. Upcoming releases such as Dune 3 could provide another boost to IMAX attendance and revenue. The Odyssey Becomes Highest-Grossing Film at BFI IMAX
• Neutral Sentiment: Recent gains may be encouraging profit-taking. IMAX shares have risen more than 16% since late July, and the stock trades at a relatively elevated valuation compared with its earnings. The current weakness therefore appears more consistent with consolidation after the rally than with a deterioration in the company’s operating outlook. The Odyssey Demand Drives IMAX Shares Higher

IMAX Company Profile

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.