The Manufacturers Life Insurance Company Sells 664 Shares of IMAX Co. (NYSE:IMAX)

The Manufacturers Life Insurance Company trimmed its position in IMAX Co. (NYSE:IMAX) by 4.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,469 shares of the company’s stock after selling 664 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in IMAX were worth $259,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new stake in shares of IMAX in the fourth quarter worth about $33,000. Headlands Technologies LLC bought a new stake in shares of IMAX in the second quarter worth about $35,000. Summit Securities Group LLC bought a new stake in IMAX during the second quarter worth approximately $80,000. Laurus Investment Counsel Inc. bought a new stake in IMAX during the second quarter worth approximately $150,000. Finally, XTX Topco Ltd bought a new stake in IMAX during the second quarter worth approximately $208,000. 93.51% of the stock is owned by institutional investors.

IMAX Stock Performance

Shares of NYSE IMAX opened at $21.15 on Friday. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 44.06, a PEG ratio of 1.41 and a beta of 1.25. The stock has a 50 day moving average price of $20.55 and a 200 day moving average price of $18.34. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $22.13.

IMAX (NYSE:IMAX) last announced 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 firm 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 quarter in the previous year, the business earned $0.17 earnings per share. Analysts forecast that IMAX Co. will post 0.69 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on IMAX. JPMorgan Chase & Co. boosted their price objective on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Wedbush boosted their price objective on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Seaport Res Ptn raised IMAX to a “strong-buy” rating in a research note on Wednesday, July 24th. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Wednesday, September 25th. Finally, Roth Mkm restated a “buy” rating and set a $27.00 target price on shares of IMAX in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, IMAX has a consensus rating of “Moderate Buy” and an average target price of $24.11.

About IMAX

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.