Sit Investment Associates Inc. Has $1.86 Million Stake in IMAX Corporation $IMAX

Sit Investment Associates Inc. boosted its holdings in IMAX Corporation (NYSE:IMAX) by 184.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,350 shares of the company’s stock after purchasing an additional 32,675 shares during the period. Sit Investment Associates Inc.’s holdings in IMAX were worth $1,861,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IMAX. AQR Capital Management LLC lifted its position in IMAX by 47.9% during the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after buying an additional 18,238 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of IMAX by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock valued at $672,000 after acquiring an additional 1,091 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of IMAX by 7.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock valued at $4,208,000 after acquiring an additional 11,736 shares in the last quarter. Creative Planning increased its position in shares of IMAX by 84.1% in the second quarter. Creative Planning now owns 16,081 shares of the company’s stock valued at $450,000 after acquiring an additional 7,344 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of IMAX in the second quarter valued at about $709,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

IMAX has been the subject of several recent research reports. Barrington Research increased their price target on IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Wedbush reaffirmed an “outperform” rating and set a $46.00 price target on shares of IMAX in a research report on Thursday, April 23rd. Wall Street Zen cut IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. The Goldman Sachs Group increased their price objective on IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Finally, Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, June 4th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Insider Activity

In other news, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the sale, the chief executive officer owned 765,002 shares in the company, valued at $28,557,524.66. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 365,064 shares of company stock worth $13,719,850 in the last three months. Insiders own 20.55% of the company’s stock.

IMAX Price Performance

Shares of IMAX opened at $44.24 on Friday. The company’s 50-day moving average is $37.91 and its 200-day moving average is $37.51. The firm has a market capitalization of $2.43 billion, a PE ratio of 68.06, a PEG ratio of 1.57 and a beta of 0.37. IMAX Corporation has a fifty-two week low of $24.20 and a fifty-two week high of $45.16.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The business had revenue of $81.38 million during the quarter, compared to the consensus estimate of $79.82 million. During the same quarter in the previous year, the firm posted $0.13 EPS. IMAX’s revenue was down 6.1% compared to the same quarter last year. Analysts predict that IMAX Corporation will post 1.34 earnings per share for the current fiscal year.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.