Polar Asset Management Partners Inc. Sells 305,200 Shares of IMAX Co. (NYSE:IMAX)

Polar Asset Management Partners Inc. lessened its stake in IMAX Co. (NYSE:IMAX) by 81.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,147 shares of the company’s stock after selling 305,200 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.13% of IMAX worth $1,439,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in shares of IMAX by 108.4% in the 3rd 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 period. Royce & Associates LP lifted its holdings in IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after acquiring an additional 54,850 shares in the last quarter. Victory Capital Management Inc. grew its stake 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 acquiring an additional 127,371 shares during the period. Private Capital Management LLC increased its holdings in shares of IMAX by 10.0% in the first quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock worth $21,092,000 after acquiring an additional 118,649 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of IMAX by 5.5% during the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after purchasing an additional 42,952 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IMAX shares. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Roth Mkm upped their price target on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Wedbush restated an “outperform” rating on shares of IMAX in a report on Wednesday, November 27th. JPMorgan Chase & Co. upped their target price on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

IMAX Price Performance

Shares of NYSE IMAX opened at $26.22 on Friday. The business has a 50-day moving average of $22.83 and a 200-day moving average of $20.04. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 59.59, a PEG ratio of 1.71 and a beta of 1.23. IMAX Co. has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

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

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.