Geode Capital Management LLC Cuts Stock Position in IMAX Co. (NYSE:IMAX)

Geode Capital Management LLC trimmed its position in shares of IMAX Co. (NYSE:IMAX) by 0.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 492,309 shares of the company’s stock after selling 2,312 shares during the period. Geode Capital Management LLC owned about 0.93% of IMAX worth $10,097,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in shares of IMAX by 33.1% during the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after buying an additional 321,506 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after acquiring an additional 124,811 shares during the period. American Century Companies Inc. grew its position in IMAX by 57.0% during the 2nd 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 last quarter. Bank of New York Mellon Corp increased its stake in IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after purchasing an additional 279,410 shares during the period. Finally, Foundry Partners LLC lifted its position in IMAX by 46.8% in the second quarter. Foundry Partners LLC now owns 182,200 shares of the company’s stock valued at $3,055,000 after purchasing an additional 58,115 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Benchmark raised their target price on shares of IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Roth Mkm raised their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. StockNews.com raised IMAX from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. upped their price target on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.11.

IMAX Stock Performance

Shares of NYSE:IMAX opened at $25.60 on Thursday. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $26.84. The firm has a market capitalization of $1.35 billion, a P/E ratio of 58.18, a P/E/G ratio of 1.69 and a beta of 1.23. The stock has a 50 day moving average price of $24.70 and a 200-day moving average price of $21.30.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. IMAX’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period last year, the business earned $0.27 EPS. On average, equities analysts forecast that IMAX Co. will post 0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the transaction, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the sale, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by corporate insiders.

IMAX 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.