Morgan Stanley Has $5.89 Million Stake in Imax Corporation (NYSE:IMAX)
Morgan Stanley lowered its position in shares of Imax Corporation (NYSE:IMAX) by 51.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,152 shares of the company’s stock after selling 184,555 shares during the period. Morgan Stanley owned about 0.26% of Imax Corporation worth $5,887,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of IMAX. Handelsinvest Investeringsforvaltning bought a new position in shares of Imax Corporation during the first quarter worth about $1,428,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock worth $156,000 after buying an additional 2,546 shares during the last quarter. Handelsbanken Fonder AB bought a new position in shares of Imax Corporation during the first quarter worth about $4,420,000. Bank of New York Mellon Corp increased 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 worth $32,083,000 after buying an additional 175,539 shares during the last quarter. Finally, Trillium Asset Management LLC increased its position in shares of Imax Corporation by 2.7% in the first quarter. Trillium Asset Management LLC now owns 60,760 shares of the company’s stock worth $2,066,000 after buying an additional 1,616 shares during the last quarter. 88.94% of the stock is currently owned by institutional investors and hedge funds.
Shares of Imax Corporation (NYSE IMAX) traded up 0.74% during trading on Friday, reaching $20.45. 1,021,913 shares of the company were exchanged. The firm has a market capitalization of $1.32 billion, a P/E ratio of 138.18 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 firm’s 50 day moving average is $22.47 and its 200 day moving average is $28.82.
Imax Corporation (NYSE:IMAX) last posted its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating 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 company had revenue of $87.76 million for the quarter, compared to analyst estimates of $89.26 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Imax Corporation will post $0.63 EPS for the current fiscal year.
Imax Corporation declared that its board has initiated a stock repurchase plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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A number of research analysts have issued reports on the stock. Wedbush reduced their price objective on shares of Imax Corporation from $41.50 to $39.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Roth Capital set a $37.00 price objective on shares of Imax Corporation and gave the company a “buy” rating in a research report on Thursday, April 20th. Canaccord Genuity reissued a “buy” rating and set a $39.00 price objective on shares of Imax Corporation in a research report on Monday, April 10th. B. Riley reissued a “buy” rating and set a $46.00 price objective on shares of Imax Corporation in a research report on Saturday, April 22nd. Finally, MKM Partners reissued a “buy” rating and set a $40.00 price objective on shares of Imax Corporation in a research report on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $34.82.
In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $25.10, for a total value of $67,017.00. Following the transaction, the director now owns 17,945 shares in the company, valued at $450,419.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 18.90% of the stock is owned by 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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