Neuberger Berman Group LLC Has $1.05 Million Holdings in Imax Corporation (IMAX)
Neuberger Berman Group LLC cut its stake in Imax Corporation (NYSE:IMAX) by 51.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,821 shares of the company’s stock after selling 49,925 shares during the period. Neuberger Berman Group LLC owned 0.07% of Imax Corporation worth $1,052,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Victory Capital Management Inc. increased 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 during the period. BlackRock Inc. increased its position in Imax Corporation by 54,861.2% in the first quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock worth $88,651,000 after buying an additional 2,602,613 shares during the period. Primecap Management Co. CA increased its position in Imax Corporation by 6.2% in the first quarter. Primecap Management Co. CA now owns 1,904,530 shares of the company’s stock worth $64,754,000 after buying an additional 111,817 shares during the period. Bank of New York Mellon Corp increased its position in Imax Corporation by 20.3% in the second quarter. Bank of New York Mellon Corp now owns 1,134,761 shares of the company’s stock worth $24,965,000 after buying an additional 191,140 shares during the period. Finally, State Street Corp increased its position in Imax Corporation by 4.2% in the first quarter. State Street Corp now owns 1,064,207 shares of the company’s stock worth $36,185,000 after buying an additional 42,970 shares during the period. 83.41% of the stock is currently owned by hedge funds and other institutional investors.
Imax Corporation (NYSE IMAX) opened at 22.15 on Tuesday. Imax Corporation has a 52 week low of $17.58 and a 52 week high of $35.30. The company has a market cap of $1.43 billion, a PE ratio of 149.66 and a beta of 0.95. The company’s 50-day moving average price is $19.57 and its 200 day moving average price is $25.79.
Imax Corporation (NYSE:IMAX) last released its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $87.76 million during the quarter, compared to the consensus estimate of $89.26 million. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share. On average, analysts anticipate that Imax Corporation will post $0.62 EPS for the current year.
Imax Corporation announced that its board has approved a share repurchase plan on Monday, June 12th that authorizes the company to repurchase $200.00 million in 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 management believes its stock is undervalued.
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In other news, CFO Patrick Mcclymont sold 1,760 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total transaction of $36,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Greg Foster sold 9,417 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Insiders own 18.90% of the company’s stock.
A number of research analysts have recently commented on the company. B. Riley reissued a “buy” rating and set a $43.50 price target on shares of Imax Corporation in a report on Sunday, June 18th. BidaskClub lowered Imax Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Canaccord Genuity set a $33.00 price target on Imax Corporation and gave the company a “buy” rating in a report on Friday, August 18th. Roth Capital set a $33.00 price target on Imax Corporation and gave the company a “buy” rating in a report on Tuesday, June 13th. Finally, Benchmark Co. lowered Imax Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.50.
Imax Corporation Company Profile
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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