Alliancebernstein L.P. increased its holdings in Imax Corporation (NYSE:IMAX) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,255,313 shares of the company’s stock after buying an additional 73,675 shares during the quarter. Alliancebernstein L.P. owned 5.03% of Imax Corporation worth $71,617,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of IMAX. BNP Paribas Arbitrage SA raised its position in shares of Imax Corporation by 1,151.0% during the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after buying an additional 6,273 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Imax Corporation by 78.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after buying an additional 2,546 shares during the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Imax Corporation during the first quarter valued at approximately $173,000. Aperio Group LLC bought a new stake in shares of Imax Corporation during the second quarter valued at approximately $205,000. Finally, First Mercantile Trust Co. bought a new stake in shares of Imax Corporation during the second quarter valued at approximately $250,000. 83.41% of the stock is currently owned by institutional investors.
IMAX has been the topic of several research reports. B. Riley restated a “buy” rating and issued a $35.00 price target on shares of Imax Corporation in a research report on Tuesday, August 1st. BidaskClub cut shares of Imax Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Zacks Investment Research upgraded shares of Imax Corporation from a “sell” rating to a “hold” rating in a research report on Monday, June 19th. Canaccord Genuity set a $33.00 price target on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Thursday, June 8th. Finally, Wedbush restated a “buy” rating on shares of Imax Corporation in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.50.
In related news, CEO Greg Foster sold 9,417 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $19.55, for a total value of $184,102.35. Following the sale, the chief executive officer now owns 67,018 shares of the company’s stock, valued at approximately $1,310,201.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of the firm’s stock in a transaction that occurred 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. Company insiders own 18.90% of the company’s stock.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $89.26 million. During the same quarter in the prior year, the business posted $0.18 earnings per share. Imax Corporation’s revenue for the quarter was down 4.3% on a year-over-year basis.
Imax Corporation announced that its board has approved a stock repurchase plan on Monday, June 12th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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