Rice Hall James & Associates LLC Lowers Stake in Imax Corporation (IMAX)
Rice Hall James & Associates LLC cut its holdings in shares of Imax Corporation (NYSE:IMAX) by 4.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 596,601 shares of the company’s stock after selling 29,086 shares during the period. Rice Hall James & Associates LLC owned 0.92% of Imax Corporation worth $13,513,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in IMAX. BNP Paribas Arbitrage SA grew its position in Imax Corporation by 1,151.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after buying an additional 6,273 shares during the last quarter. Seven Eight Capital LP grew its position in Imax Corporation by 1,115.7% in the 2nd quarter. Seven Eight Capital LP now owns 7,294 shares of the company’s stock valued at $160,000 after buying an additional 6,694 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Imax Corporation by 13.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock valued at $181,000 after buying an additional 748 shares during the last quarter. Aperio Group LLC purchased a new position in Imax Corporation in the 2nd quarter valued at $205,000. Finally, M&T Bank Corp purchased a new position in Imax Corporation in the 2nd quarter valued at $230,000. Institutional investors and hedge funds own 82.88% of the company’s stock.
In related news, CEO Greg Foster sold 9,417 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $19.55, for a total value of $184,102.35. Following the completion of the transaction, the chief executive officer now owns 67,018 shares in the company, valued at approximately $1,310,201.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total value of $36,080.00. The disclosure for this sale can be found here. Company insiders own 18.90% of the company’s stock.
Several equities research analysts have commented on IMAX shares. Credit Suisse Group decreased their target price on shares of Imax Corporation from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, September 28th. Wedbush restated an “outperform” rating and set a $35.00 target price on shares of Imax Corporation in a research report on Thursday, July 20th. Canaccord Genuity set a $32.00 target price on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Monday, October 23rd. B. Riley set a $35.00 target price on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Thursday, October 19th. Finally, BidaskClub upgraded shares of Imax Corporation from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $31.00.
Imax Corporation (NYSE:IMAX) last announced its earnings results on Thursday, October 26th. The company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.07. Imax Corporation had a return on equity of 2.62% and a net margin of 1.78%. The business had revenue of $98.80 million during the quarter, compared to analysts’ expectations of $86.17 million. During the same quarter last year, the business posted $0.12 earnings per share. The company’s quarterly revenue was up 14.2% on a year-over-year basis.
Imax Corporation Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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