Cornerstone Investment Partners LLC Makes New Investment in IMAX Co. (NYSE:IMAX)

Cornerstone Investment Partners LLC bought a new position in shares of IMAX Co. (NYSE:IMAX) in the 4th quarter, HoldingsChannel reports. The fund bought 9,670 shares of the company’s stock, valued at approximately $248,000.

Other hedge funds also recently bought and sold shares of the company. Mizuho Markets Americas LLC boosted its stake in IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after buying an additional 124,811 shares during the period. Royce & Associates LP boosted its stake 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 buying an additional 54,850 shares during the period. Quantbot Technologies LP purchased a new position in shares of IMAX in the third quarter valued at approximately $777,000. Savant Capital LLC purchased a new position in shares of IMAX in the fourth quarter valued at approximately $249,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of IMAX in the third quarter valued at approximately $6,322,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IMAX. Macquarie raised their price objective on shares of IMAX from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of IMAX from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, February 21st. Wedbush reissued an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research note on Thursday, February 20th. Barrington Research raised their price objective on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, StockNews.com raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, IMAX presently has a consensus rating of “Buy” and an average price target of $30.67.

Insider Activity

In related news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 in the last ninety days. 24.08% of the stock is currently owned by company insiders.

IMAX Price Performance

Shares of IMAX stock opened at $25.00 on Tuesday. The firm’s fifty day simple moving average is $24.76 and its 200-day simple moving average is $23.28. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 51.02, a PEG ratio of 1.49 and a beta of 1.22. IMAX Co. has a 12 month low of $14.94 and a 12 month high of $27.77.

IMAX (NYSE:IMAX) last announced its earnings results on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The business had revenue of $92.67 million during the quarter, compared to analyst estimates of $104.08 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. Analysts anticipate that IMAX Co. will post 0.91 earnings per share 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.