Renaissance Technologies LLC Sells 392,900 Shares of IMAX Co. (NYSE:IMAX)

Renaissance Technologies LLC lowered its stake in shares of IMAX Co. (NYSE:IMAX) by 34.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 758,100 shares of the company’s stock after selling 392,900 shares during the period. Renaissance Technologies LLC owned approximately 1.44% of IMAX worth $12,713,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in IMAX by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,454,524 shares of the company’s stock valued at $21,847,000 after purchasing an additional 10,358 shares during the period. Private Capital Management LLC lifted its holdings in shares of IMAX by 10.0% during the 1st quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock valued at $21,092,000 after buying an additional 118,649 shares during the period. Victory Capital Management Inc. boosted its stake in shares of IMAX by 33.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after buying an additional 321,506 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares during the period. Finally, Vanguard Group Inc. increased its position in IMAX by 13.2% during the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after acquiring an additional 68,155 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on IMAX shares. Roth Mkm raised their target price on IMAX from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. B. Riley boosted their target price on shares of IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Barrington Research reiterated an “outperform” rating and issued a $25.00 price target on shares of IMAX in a research report on Friday, July 26th. Rosenblatt Securities boosted their price objective on shares of IMAX from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Macquarie raised 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. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, IMAX presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.78.

IMAX Stock Performance

Shares of IMAX stock opened at $20.12 on Monday. The company has a fifty day moving average of $20.17 and a 200 day moving average of $17.81. The company has a market capitalization of $1.06 billion, a P/E ratio of 41.92, a P/E/G ratio of 1.48 and a beta of 1.25. IMAX Co. has a fifty-two week low of $13.20 and a fifty-two week high of $22.13.

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

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.