Imax Corporation (NYSE:IMAX) Stake Cut by Legal & General Group Plc

Brunilde Fioravanti
Agosto 14, 2017

A number of large investors have recently added to or reduced their stakes in the stock. Finally, Norges Bank bought a new stake in shares of Imax Corporation during the fourth quarter worth approximately $36,139,000. TimesSquare Capital Management LLC purchased a new stake in Imax Corporation during the second quarter worth $84,137,000. With 1.69 million shares average volume, it will take short sellers 4 days to cover their IMAX's short positions. Bank of New York Mellon Corp now owns 943,621 shares of the company's stock worth $32,083,000 after buying an additional 175,539 shares during the period.

Doheny Asset Management Ca holds 2.65% of its portfolio in New Senior Investment Group Inc for 558,200 shares.

Rice Hall James & Associates LLC boosted its stake in Imax Corporation (NYSE:IMAX) by 0.1% during the second quarter, Holdings Channel reports. Insiders own 18.90% of the company's stock. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company's stock worth $156,000 after buying an additional 2,546 shares in the last quarter. The stock had previously closed at $19.60.

Shares of Imax Corporation (IMAX) traded down 3.06% during mid-day trading on Friday, hitting $19.00.

The company now has a P/E ratio of 128.38 and the market cap of the company is 1.23B. The firm has a 50 day moving average price of $21.42 and a 200-day moving average price of $28.21.

Imax Corporation (NYSE:IMAX) last released its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. The business had revenue of $87.76 million during the quarter, compared to the consensus estimate of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The firm's revenue was down 4.3% on a year-over-year basis. During the same quarter a year ago, the firm earned $0.18 earnings per share. Analysts expect next quarter's EPS will be $0.39 and the next full year EPS is anticipated to be $0.99.

Imax Corporation declared that its board has approved a share repurchase program on Monday, June 12th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 12.5% of its shares through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

WARNING: "Imax Corporation (NYSE:IMAX) Stake Cut by Legal & General Group Plc" was first posted by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are reading this news story on another website, it was stolen and reposted in violation of global copyright laws. The original version of this piece can be accessed at Credit Suisse downgraded the shares of IMAX in report on Wednesday, February 1 to "Neutral" rating. Piper Jaffray Companies set a $35.00 target price on shares of Imax Corporation and gave the stock a "buy" rating in a report on Friday, July 21st. The stock of Imax Corp (USA) (NYSE:IMAX) earned "Buy" rating by Roth Capital on Thursday, July 20. Canaccord Genuity reiterated a buy rating and set a $39.00 price target on shares of Imax Corporation in a research note on Monday, April 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of "Hold" and an average target price of $34.82. The shares were purchased at an average price of $20.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total value of $67,017.00. Following the completion of the transaction, the director now owns 17,945 shares in the company, valued at $450,419.50.

IMAX Corporation, launched on January 1, 2002, is an entertainment technology company.

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