Franklin Resources Inc. Sells 943 Shares of IMAX Co. (NYSE:IMAX)

Franklin Resources Inc. cut its holdings in IMAX Co. (NYSE:IMAX) by 0.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 815,889 shares of the company’s stock after selling 943 shares during the period. Franklin Resources Inc.’s holdings in IMAX were worth $20,887,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in shares of IMAX by 69.3% in the 4th quarter. Principal Financial Group Inc. now owns 103,946 shares of the company’s stock valued at $2,661,000 after acquiring an additional 42,562 shares during the last quarter. Intech Investment Management LLC lifted its position in IMAX by 116.1% in the fourth quarter. Intech Investment Management LLC now owns 21,589 shares of the company’s stock valued at $553,000 after purchasing an additional 11,597 shares during the last quarter. Raymond James Financial Inc. bought a new stake in IMAX in the fourth quarter valued at approximately $9,143,000. Savant Capital LLC purchased a new stake in shares of IMAX during 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 worth $6,322,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Stock Down 5.2 %

Shares of IMAX stock opened at $24.38 on Monday. The business’s fifty day moving average is $25.48 and its 200 day moving average is $24.06. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 49.76, a PEG ratio of 1.49 and a beta of 0.91. IMAX Co. has a twelve month low of $14.94 and a twelve month high of $27.77.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a return on equity of 8.60% and a net margin of 7.40%. The business had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. Equities research analysts expect that IMAX Co. will post 0.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. StockNews.com cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Rosenblatt Securities increased their target price on shares of IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Wedbush restated an “outperform” rating and set a $32.00 price target on shares of IMAX in a report on Thursday, February 20th. Wells Fargo & Company increased their price objective on IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, Benchmark reissued a “buy” rating and set a $30.00 target price on shares of IMAX in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.67.

About IMAX

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.