Bank of New York Mellon Corp Sells 14,053 Shares of IMAX Co. (NYSE:IMAX)

Bank of New York Mellon Corp reduced its stake in shares of IMAX Co. (NYSE:IMAX) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 595,911 shares of the company’s stock after selling 14,053 shares during the quarter. Bank of New York Mellon Corp owned 1.13% of IMAX worth $15,255,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC raised its holdings in shares of IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after buying an additional 2,054,031 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in IMAX in the third quarter valued at approximately $6,322,000. Castleark Management LLC acquired a new stake in shares of IMAX during the third quarter worth $5,199,000. Pier Capital LLC bought a new stake in IMAX in the third quarter valued at about $4,221,000. Finally, Victory Capital Management Inc. increased its holdings in IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after purchasing an additional 127,371 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Price Performance

IMAX opened at $24.11 on Thursday. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 49.19, a P/E/G ratio of 1.49 and a beta of 1.22. The business’s 50-day moving average price is $24.67 and its two-hundred day moving average price is $23.45. IMAX Co. has a 1 year low of $14.94 and a 1 year high of $27.77.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.14). The firm had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. Sell-side analysts anticipate that IMAX Co. will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IMAX has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of IMAX in a report on Thursday, February 20th. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Tuesday. Barrington Research boosted their price target on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, Rosenblatt Securities upped their price objective on shares of IMAX from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.67.

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.