Connors Investor Services Inc. Reduces Holdings in Imax Corp (NYSE:IMAX)

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Connors Investor Services Inc. lowered its stake in Imax Corp (NYSE:IMAX) by 0.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 108,661 shares of the company’s stock after selling 1,024 shares during the period. Connors Investor Services Inc.’s holdings in Imax were worth $2,195,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Glassman Wealth Services bought a new stake in shares of Imax in the 2nd quarter worth about $34,000. US Bancorp DE bought a new stake in shares of Imax in the 2nd quarter worth about $34,000. Aperio Group LLC bought a new stake in shares of Imax in the 2nd quarter worth about $35,000. Penserra Capital Management LLC increased its position in shares of Imax by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,376 shares of the company’s stock worth $53,000 after purchasing an additional 792 shares during the last quarter. Finally, Bessemer Group Inc. bought a new stake in shares of Imax in the 2nd quarter worth about $61,000. 77.55% of the stock is owned by institutional investors.

Imax stock traded down $0.29 during midday trading on Thursday, reaching $22.14. 27,350 shares of the stock traded hands, compared to its average volume of 201,499. The firm has a fifty day moving average price of $21.44 and a two-hundred day moving average price of $22.06. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 39.54, a PEG ratio of 1.56 and a beta of 0.97. Imax Corp has a fifty-two week low of $17.55 and a fifty-two week high of $26.10.

Imax (NYSE:IMAX) last posted its earnings results on Tuesday, July 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. Imax had a net margin of 7.01% and a return on equity of 6.32%. The firm had revenue of $104.80 million during the quarter, compared to analyst estimates of $98.27 million. During the same period in the previous year, the business posted $0.30 EPS. Imax’s revenue was up 6.6% on a year-over-year basis. On average, research analysts expect that Imax Corp will post 0.84 EPS for the current year.

In related news, CFO Patrick Mcclymont sold 1,915 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $21.35, for a total value of $40,885.25. Following the sale, the chief financial officer now directly owns 16,481 shares in the company, valued at approximately $351,869.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard L. Gelfond sold 8,384 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $20.74, for a total transaction of $173,884.16. Following the completion of the sale, the chief executive officer now owns 258,392 shares in the company, valued at $5,359,050.08. The disclosure for this sale can be found here. 20.20% of the stock is currently owned by insiders.

Several equities research analysts have recently weighed in on IMAX shares. ValuEngine downgraded shares of Imax from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research lowered shares of Imax from a “buy” rating to a “hold” rating and set a $23.00 price target for the company. in a report on Tuesday, July 2nd. TheStreet lowered shares of Imax from a “b-” rating to a “c” rating in a report on Thursday, May 23rd. B. Riley set a $34.00 price target on shares of Imax and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Imax in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $27.17.

Imax Company Profile

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, and joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.

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Institutional Ownership by Quarter for Imax (NYSE:IMAX)

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