Primecap Management Co. CA Decreases Stock Holdings in IMAX Co. (NYSE:IMAX)

Primecap Management Co. CA cut its stake in IMAX Co. (NYSE:IMAX) by 2.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 925,700 shares of the company’s stock after selling 24,600 shares during the quarter. Primecap Management Co. CA’s holdings in IMAX were worth $18,986,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. US Bancorp DE grew its stake in IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares during the last quarter. Huntington National Bank purchased a new stake in shares of IMAX in the third quarter valued at about $34,000. Headlands Technologies LLC acquired a new stake in shares of IMAX in the second quarter valued at approximately $35,000. Price T Rowe Associates Inc. MD increased its stake in shares of IMAX by 19.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,082 shares of the company’s stock worth $212,000 after purchasing an additional 2,153 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of IMAX during the 3rd quarter worth approximately $70,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Stock Performance

Shares of IMAX stock opened at $25.19 on Friday. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 57.25, a price-to-earnings-growth ratio of 1.63 and a beta of 1.22. The company has a 50 day moving average price of $21.77 and a 200 day moving average price of $19.49. IMAX Co. has a one year low of $13.20 and a one year high of $25.51.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share 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 for the quarter, compared to analyst estimates of $93.71 million. During the same period last year, the company posted $0.27 EPS. The business’s quarterly revenue was down 11.9% on a year-over-year basis. As a group, equities analysts forecast that IMAX Co. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

IMAX has been the subject of several recent research reports. Macquarie raised their price target on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barrington Research restated an “outperform” rating and issued a $24.00 target price on shares of IMAX in a report on Thursday, October 31st. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 price target on shares of IMAX in a report on Thursday, October 31st. Finally, Wedbush boosted their price objective on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.22.

IMAX Company 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.