Primecap Management Co. CA Sells 24,700 Shares of IMAX Co. (NYSE:IMAX)

Primecap Management Co. CA lessened its position in shares of IMAX Co. (NYSE:IMAX) by 2.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 950,300 shares of the company’s stock after selling 24,700 shares during the period. Primecap Management Co. CA owned 1.81% of IMAX worth $15,937,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP boosted its holdings in shares of IMAX by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,454,524 shares of the company’s stock worth $21,847,000 after buying an additional 10,358 shares in the last quarter. Private Capital Management LLC boosted its stake in IMAX by 10.0% during the first quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock worth $21,092,000 after acquiring an additional 118,649 shares in the last quarter. Victory Capital Management Inc. increased its stake in IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after purchasing an additional 321,506 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of IMAX by 90.6% during the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of IMAX by 13.2% during the 1st quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock worth $9,456,000 after purchasing an additional 68,155 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

Analysts Set New Price Targets

IMAX has been the subject of a number of research analyst reports. Seaport Res Ptn raised IMAX to a “strong-buy” rating in a research report on Wednesday, July 24th. Macquarie increased their target price on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of IMAX in a research note on Friday, July 26th. Benchmark reaffirmed a “buy” rating and issued a $22.00 price objective on shares of IMAX in a research note on Thursday, June 20th. Finally, B. Riley boosted their target price on shares of IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.78.

IMAX Stock Performance

Shares of IMAX stock opened at $20.32 on Thursday. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 1.48 and a beta of 1.25. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $22.13. The company has a 50-day simple moving average of $19.98 and a two-hundred day simple moving average of $17.74.

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

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.