IMAX Co. (NYSE:IMAX) Shares Sold by Millennium Management LLC

Millennium Management LLC trimmed its holdings in IMAX Co. (NYSE:IMAX) by 25.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 725,918 shares of the company’s stock after selling 249,767 shares during the quarter. Millennium Management LLC owned 1.38% of IMAX worth $12,174,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Lombard Odier Asset Management USA Corp purchased a new position in shares of IMAX during the 2nd quarter valued at approximately $300,000. Thrivent Financial for Lutherans grew its position in IMAX by 5.5% during the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after buying an additional 42,952 shares during the period. XTX Topco Ltd purchased a new position in IMAX in the second quarter valued at $208,000. American Century Companies Inc. raised its position in shares of IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after acquiring an additional 43,584 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of IMAX during the 2nd quarter worth about $35,000. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Stock Performance

IMAX stock opened at $19.69 on Tuesday. IMAX Co. has a one year low of $13.20 and a one year high of $22.13. The firm has a market cap of $1.04 billion, a PE ratio of 41.01, a PEG ratio of 1.38 and a beta of 1.25. The firm’s 50 day moving average price is $20.56 and its 200-day moving average price is $18.09.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Macquarie upped their price target on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Benchmark reiterated a “buy” rating and set a $22.00 target price on shares of IMAX in a research report on Thursday, June 20th. B. Riley boosted their price target on shares of IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Roth Mkm increased their price objective on shares of IMAX from $23.00 to $27.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Wedbush boosted their target price on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average price target of $23.67.

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.