Teachers Advisors LLC Decreases Stake in Imax Corporation (IMAX)
Teachers Advisors LLC reduced its stake in Imax Corporation (NYSE:IMAX) by 81.8% during the first quarter, Holdings Channel reports. The fund owned 103,587 shares of the company’s stock after selling 467,134 shares during the period. Teachers Advisors LLC’s holdings in Imax Corporation were worth $3,522,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of IMAX. Cortina Asset Management LLC raised its position in Imax Corporation by 18.5% in the first quarter. Cortina Asset Management LLC now owns 276,047 shares of the company’s stock worth $9,386,000 after buying an additional 43,112 shares in the last quarter. Suffolk Capital Management LLC bought a new position in Imax Corporation during the first quarter worth about $14,284,000. Neuberger Berman Group LLC raised its position in Imax Corporation by 4.9% in the first quarter. Neuberger Berman Group LLC now owns 97,746 shares of the company’s stock worth $3,323,000 after buying an additional 4,529 shares in the last quarter. American International Group Inc. raised its position in Imax Corporation by 5.0% in the first quarter. American International Group Inc. now owns 35,583 shares of the company’s stock worth $1,210,000 after buying an additional 1,701 shares in the last quarter. Finally, Blair William & Co. IL raised its position in Imax Corporation by 1.5% in the first quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock worth $3,203,000 after buying an additional 1,408 shares in the last quarter. Institutional investors own 89.54% of the company’s stock.
Imax Corporation (NYSE:IMAX) traded down 0.893% during mid-day trading on Friday, hitting $19.425. The stock had a trading volume of 85,646 shares. The firm has a market cap of $1.26 billion, a P/E ratio of 131.250 and a beta of 0.90. Imax Corporation has a 1-year low of $19.33 and a 1-year high of $35.30. The stock has a 50 day moving average of $21.54 and a 200-day moving average of $28.31.
Imax Corporation (NYSE:IMAX) last posted 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. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The firm had revenue of $87.76 million for the quarter, compared to the consensus estimate of $89.26 million. During the same quarter in the prior year, the business earned $0.18 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Analysts predict that Imax Corporation will post $0.62 EPS for the current fiscal year.
Imax Corporation declared that its board has initiated a stock repurchase program on Monday, June 12th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 12.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
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A number of research analysts recently issued reports on IMAX shares. MKM Partners restated a “buy” rating and set a $40.00 price objective on shares of Imax Corporation in a research report on Tuesday, April 25th. TheStreet lowered Imax Corporation from a “b-” rating to a “c” rating in a research report on Wednesday, May 17th. Zacks Investment Research upgraded Imax Corporation from a “sell” rating to a “hold” rating in a research report on Monday, June 19th. Piper Jaffray Companies set a $35.00 price objective on Imax Corporation and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Barrington Research lowered Imax Corporation from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $34.82.
In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the company’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 transaction, the director now owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Patrick Mcclymont sold 1,760 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total value of $36,080.00. The disclosure for this sale can be found here. 18.90% of the stock is currently owned by corporate insiders.
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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