Primecap Management Co. CA Decreases Stake in IMAX Co. (NYSE:IMAX)

Primecap Management Co. CA cut its stake in shares of IMAX Co. (NYSE:IMAX) by 2.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 925,700 shares of the company’s stock after selling 24,600 shares during the quarter. Primecap Management Co. CA owned approximately 1.76% of IMAX worth $18,986,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in IMAX. Royce & Associates LP increased its position in shares of IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after purchasing an additional 54,850 shares during the last quarter. Victory Capital Management Inc. increased its holdings in IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after buying an additional 127,371 shares during the last quarter. Private Capital Management LLC raised its stake in IMAX by 10.0% in the first quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock valued at $21,092,000 after buying an additional 118,649 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in IMAX by 5.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after buying an additional 42,952 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of IMAX by 90.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on IMAX. JPMorgan Chase & Co. raised their target price on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Roth Mkm boosted their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Macquarie upped their target price on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barrington Research reiterated an “outperform” rating and set a $24.00 price target on shares of IMAX in a research note on Thursday, October 31st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and an average target price of $24.22.

IMAX Stock Up 1.9 %

Shares of IMAX stock opened at $25.19 on Friday. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $25.51. The stock’s 50-day moving average price is $21.77 and its 200 day moving average price is $19.49. The stock has a market capitalization of $1.33 billion, a PE ratio of 57.25, a price-to-earnings-growth ratio of 1.63 and a beta of 1.22.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. The company’s quarterly revenue was down 11.9% compared to the same quarter last year. Analysts expect that IMAX Co. will post 0.76 earnings per share for the current fiscal year.

About IMAX

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.