Bank of New York Mellon Corp lowered its stake in Imax Corp (NYSE:IMAX) by 86.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 176,987 shares of the company’s stock after selling 1,114,649 shares during the quarter. Bank of New York Mellon Corp owned about 0.28% of Imax worth $4,566,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Imax during the 3rd quarter valued at about $369,000. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Imax by 89.7% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 41,040 shares of the company’s stock valued at $1,059,000 after buying an additional 19,410 shares in the last quarter. Northern Trust Corp raised its position in shares of Imax by 1.6% during the 2nd quarter. Northern Trust Corp now owns 649,056 shares of the company’s stock valued at $14,377,000 after buying an additional 10,460 shares in the last quarter. Tributary Capital Management LLC purchased a new stake in shares of Imax during the 3rd quarter valued at about $1,527,000. Finally, Gamco Investors INC. ET AL raised its position in shares of Imax by 8.5% during the 3rd quarter. Gamco Investors INC. ET AL now owns 63,500 shares of the company’s stock valued at $1,638,000 after buying an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 76.97% of the company’s stock.
Imax stock opened at $21.06 on Thursday. Imax Corp has a 1-year low of $17.55 and a 1-year high of $26.10. The stock has a market capitalization of $1.29 billion, a P/E ratio of 117.00, a PEG ratio of 1.35 and a beta of 1.00.
IMAX has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Imax from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research report on Monday, December 31st. Canaccord Genuity decreased their target price on shares of Imax from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. B. Riley set a $34.00 target price on shares of Imax and gave the company a “buy imax” rating in a research report on Monday, December 24th. Barrington Research decreased their target price on shares of Imax to $27.00 and set an “outperform” rating on the stock in a research report on Monday, October 29th. Finally, Wedbush reissued an “outperform” rating on shares of Imax in a research report on Wednesday, January 30th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $26.56.
In other Imax news, insider Robert D. Lister sold 3,558 shares of the company’s stock in a transaction dated Monday, December 10th. The shares were sold at an average price of $18.28, for a total value of $65,040.24. Following the transaction, the insider now directly owns 36,247 shares in the company, valued at approximately $662,595.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Greg Foster sold 3,567 shares of the company’s stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $18.28, for a total transaction of $65,204.76. Following the completion of the transaction, the chief executive officer now owns 94,641 shares in the company, valued at $1,730,037.48. The disclosure for this sale can be found here. Insiders sold a total of 7,862 shares of company stock worth $143,755 over the last three months. 18.70% of the stock is currently owned by corporate insiders.
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Imax Company Profile
IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, or joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.
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