Lord Abbett & CO. LLC Buys New Shares in IMAX Co. (NYSE:IMAX)

Lord Abbett & CO. LLC purchased a new position in shares of IMAX Co. (NYSE:IMAX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 308,221 shares of the company’s stock, valued at approximately $6,322,000. Lord Abbett & CO. LLC owned about 0.59% of IMAX as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in IMAX by 108.4% in the 3rd quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after buying an additional 2,054,031 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of IMAX by 3.1% in the 3rd 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 during the last quarter. Victory Capital Management Inc. boosted its stake in shares of IMAX by 9.8% in the 3rd 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 in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of IMAX by 5.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after purchasing an additional 42,952 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after purchasing an additional 279,410 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Trading Down 3.2 %

Shares of IMAX opened at $25.21 on Tuesday. IMAX Co. has a 1-year low of $13.20 and a 1-year high of $26.84. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 57.30, a PEG ratio of 1.69 and a beta of 1.23. The firm’s 50-day moving average price is $23.63 and its 200-day moving average price is $20.54.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating 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 analysts’ expectations of $93.71 million. During the same period in the previous year, the firm posted $0.27 EPS. The business’s revenue was down 11.9% on a year-over-year basis. On average, research analysts forecast that IMAX Co. will post 0.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the sale, the insider now owns 25,139 shares of the company’s stock, valued at $641,295.89. The trade was a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at $379,814.16. This represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock valued at $1,662,110 over the last ninety days. Company insiders own 24.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IMAX. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted 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, Rosenblatt Securities reissued a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, IMAX currently has an average rating of “Moderate Buy” and an average target price of $25.11.

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.