IMAX Co. (NYSE:IMAX) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in shares of IMAX Co. (NYSE:IMAX) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,469 shares of the company’s stock after selling 664 shares during the period. The Manufacturers Life Insurance Company’s holdings in IMAX were worth $259,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Private Capital Management LLC increased its position in shares of IMAX by 10.0% in the 1st quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock valued at $21,092,000 after acquiring an additional 118,649 shares during the period. Victory Capital Management Inc. increased its position in shares of IMAX by 33.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after acquiring an additional 321,506 shares during the period. Thrivent Financial for Lutherans increased its position in shares of IMAX by 5.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after acquiring an additional 42,952 shares during the period. Bank of New York Mellon Corp increased its position in shares of IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after acquiring an additional 279,410 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of IMAX by 13.2% in the 1st quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after acquiring an additional 68,155 shares during the period. 93.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IMAX has been the topic of several research reports. Macquarie upped their target price on IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price target on shares of IMAX in a report on Friday, October 4th. Wedbush upped their price target on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Barrington Research reaffirmed an “outperform” rating and issued a $24.00 price target on shares of IMAX in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.11.

IMAX Stock Up 1.5 %

IMAX stock opened at $21.15 on Friday. The company’s 50-day simple moving average is $20.55 and its 200-day simple moving average is $18.34. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $22.13. The firm has a market cap of $1.11 billion, a P/E ratio of 44.06, a PEG ratio of 1.41 and a beta of 1.25.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.11. The business had revenue of $88.96 million for the quarter, compared to analyst estimates of $74.52 million. IMAX had a net margin of 5.97% and a return on equity of 7.78%. The company’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. On average, analysts anticipate that IMAX Co. will post 0.69 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.