Principal Financial Group Inc. Cuts Stock Holdings in IMAX Co. (NYSE:IMAX)

Principal Financial Group Inc. reduced its stake in IMAX Co. (NYSE:IMAX) by 3.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,384 shares of the company’s stock after selling 2,434 shares during the quarter. Principal Financial Group Inc. owned approximately 0.12% of IMAX worth $1,259,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Huntington National Bank purchased a new stake in shares of IMAX in the third quarter valued at about $34,000. Headlands Technologies LLC purchased a new stake in shares of IMAX during the second quarter valued at approximately $35,000. Quarry LP increased its position in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the last quarter. nVerses Capital LLC bought a new stake in IMAX during the third quarter worth $70,000. Finally, US Bancorp DE boosted its position in IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after purchasing an additional 1,452 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors.

IMAX Price Performance

IMAX stock opened at $25.13 on Friday. IMAX Co. has a one year low of $13.20 and a one year high of $26.84. The firm has a market capitalization of $1.32 billion, a P/E ratio of 57.11, a PEG ratio of 1.69 and a beta of 1.23. The business has a fifty day moving average price of $24.90 and a 200-day moving average price of $21.43.

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

Insider Activity at IMAX

In related news, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,176 shares of company stock valued at $1,662,110. Corporate insiders own 24.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on IMAX shares. Roth Mkm raised their target price on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research note on Thursday. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, IMAX currently has an average rating of “Moderate Buy” and a consensus price target of $25.11.

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.