Hedges Asset Management LLC Raises Holdings in IMAX Co. (NYSE:IMAX)

Hedges Asset Management LLC increased its holdings in IMAX Co. (NYSE:IMAX) by 3.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 83,600 shares of the company’s stock after buying an additional 2,500 shares during the period. IMAX comprises approximately 1.4% of Hedges Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding. Hedges Asset Management LLC’s holdings in IMAX were worth $2,140,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Janney Montgomery Scott LLC grew its position in shares of IMAX by 1.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after buying an additional 533 shares during the last quarter. US Bancorp DE boosted its stake in IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares in the last quarter. Huntington National Bank purchased a new position in IMAX in the third quarter worth $34,000. Quarry LP increased its position in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of IMAX during the 3rd quarter valued at $70,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Trading Up 1.1 %

IMAX opened at $23.74 on Friday. IMAX Co. has a 12-month low of $13.20 and a 12-month high of $26.84. The firm has a 50 day moving average of $24.79 and a two-hundred day moving average of $22.02. The firm has a market capitalization of $1.25 billion, a PE ratio of 53.95, a P/E/G ratio of 1.28 and a beta of 1.24.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter last year, the company posted $0.27 earnings per share. The firm’s revenue was down 11.9% compared to the same quarter last year. As a group, analysts predict that IMAX Co. will post 0.75 EPS for the current fiscal year.

Insider Activity

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the sale, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 in the last quarter. 24.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Benchmark restated a “buy” rating and set a $30.00 price target on shares of IMAX in a research note on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research report on Friday, January 17th. Roth Mkm lifted their target price on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 price target on shares of IMAX in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, IMAX currently has a consensus rating of “Buy” and an average target price of $28.13.

IMAX Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.