Peregrine Capital Management LLC Decreases Stake in IMAX Co. (NYSE:IMAX)

Peregrine Capital Management LLC cut its holdings in IMAX Co. (NYSE:IMAX) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 376,297 shares of the company’s stock after selling 1,284 shares during the quarter. Peregrine Capital Management LLC’s holdings in IMAX were worth $6,311,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in shares of IMAX by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,454,524 shares of the company’s stock valued at $21,847,000 after acquiring an additional 10,358 shares in the last quarter. Private Capital Management LLC increased its stake in IMAX by 10.0% during the first quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock worth $21,092,000 after acquiring an additional 118,649 shares during the last quarter. Victory Capital Management Inc. increased its stake in IMAX by 13.0% during the fourth quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock worth $12,396,000 after acquiring an additional 95,182 shares during the last quarter. Bank of New York Mellon Corp increased its stake in IMAX by 90.6% during the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in IMAX by 13.2% during the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock worth $9,456,000 after acquiring an additional 68,155 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Stock Up 1.1 %

Shares of IMAX stock traded up $0.24 during midday trading on Friday, hitting $21.19. The company’s stock had a trading volume of 300,613 shares, compared to its average volume of 794,768. The firm has a market capitalization of $1.12 billion, a P/E ratio of 44.15, a PEG ratio of 1.53 and a beta of 1.26. The stock has a 50-day simple moving average of $18.92 and a 200-day simple moving average of $17.21. IMAX Co. has a 1-year low of $13.20 and a 1-year high of $22.13.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.11. IMAX had a return on equity of 7.78% and a net margin of 5.97%. The business had revenue of $88.96 million during the quarter, compared to analyst estimates of $74.52 million. During the same period last year, the company earned $0.17 earnings per share. IMAX’s quarterly revenue was down 9.2% compared to the same quarter last year. As a group, sell-side analysts predict that IMAX Co. will post 0.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Macquarie upped their target price on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. B. Riley raised their target price on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Benchmark restated a “buy” rating and issued a $22.00 target price on shares of IMAX in a research report on Thursday, June 20th. Rosenblatt Securities raised their target price on IMAX from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Roth Mkm lifted their price target on IMAX from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.56.

IMAX Company 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.