Renaissance Technologies LLC Reduces Stock Position in IMAX Co. (NYSE:IMAX)

Renaissance Technologies LLC lessened its stake in IMAX Co. (NYSE:IMAX) by 42.4% in the fourth quarter, HoldingsChannel reports. The firm owned 314,000 shares of the company’s stock after selling 231,241 shares during the period. Renaissance Technologies LLC’s holdings in IMAX were worth $8,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. increased its position in IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after acquiring an additional 561 shares during the last quarter. Wealthfront Advisers LLC purchased a new stake in shares of IMAX during the 4th quarter valued at about $217,000. Cornerstone Investment Partners LLC bought a new position in shares of IMAX in the 4th quarter worth approximately $248,000. Savant Capital LLC purchased a new position in shares of IMAX in the fourth quarter worth approximately $249,000. Finally, US Bancorp DE grew its position in IMAX by 60.3% during the fourth quarter. US Bancorp DE now owns 12,276 shares of the company’s stock valued at $314,000 after buying an additional 4,620 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Trading Up 3.2 %

NYSE IMAX opened at $22.47 on Friday. IMAX Co. has a 12 month low of $14.94 and a 12 month high of $27.77. The stock has a market cap of $1.19 billion, a PE ratio of 45.85, a P/E/G ratio of 1.49 and a beta of 0.91. The stock’s 50 day moving average is $25.09 and its 200 day moving average is $24.16.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on IMAX shares. Benchmark reiterated a “buy” rating and set a $30.00 price target on shares of IMAX in a research note on Thursday, April 10th. Wedbush reiterated an “outperform” rating and set a $32.00 target price on shares of IMAX in a research report on Thursday. Rosenblatt Securities restated a “buy” rating and issued a $35.00 price target on shares of IMAX in a research report on Thursday, April 10th. Wells Fargo & Company lifted their price objective on IMAX from $26.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.56.

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.