Geode Capital Management LLC Reduces Stock Holdings in IMAX Co. (NYSE:IMAX)

Geode Capital Management LLC reduced its position in shares of IMAX Co. (NYSE:IMAX) by 0.5% in the third quarter, HoldingsChannel reports. The firm owned 492,309 shares of the company’s stock after selling 2,312 shares during the quarter. Geode Capital Management LLC’s holdings in IMAX were worth $10,097,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IMAX. FMR LLC lifted its position in IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after purchasing an additional 2,054,031 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after buying an additional 321,506 shares during the period. Bank of New York Mellon Corp lifted 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 valued at $9,856,000 after buying an additional 279,410 shares in the last quarter. Castleark Management LLC bought a new position in shares of IMAX during the 3rd quarter valued at approximately $5,199,000. Finally, Pier Capital LLC purchased a new stake in IMAX in the 3rd quarter worth approximately $4,221,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on IMAX. Roth Mkm lifted their price target on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Barrington Research restated an “outperform” rating and set a $24.00 target price on shares of IMAX in a research note on Thursday, October 31st. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. Benchmark boosted their price objective on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, StockNews.com upgraded IMAX from a “hold” rating to a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Trading Up 3.4 %

Shares of IMAX stock opened at $25.60 on Thursday. The stock’s 50-day moving average price is $24.70 and its 200-day moving average price is $21.30. IMAX Co. has a 12-month low of $13.20 and a 12-month high of $26.84. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 58.18, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The company’s revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, research analysts predict that IMAX Co. will post 0.77 EPS for the current fiscal year.

Insider Activity at IMAX

In related news, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock valued at $1,662,110 over the last 90 days. 24.08% of the stock is owned by corporate insiders.

IMAX Company 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.