Cornerstone Investment Partners LLC Invests $248,000 in IMAX Co. (NYSE:IMAX)

Cornerstone Investment Partners LLC acquired a new position in IMAX Co. (NYSE:IMAX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,670 shares of the company’s stock, valued at approximately $248,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE boosted its stake in IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after purchasing an additional 1,452 shares in the last quarter. Victory Capital Management Inc. boosted its stake in IMAX by 9.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares in the last quarter. Huntington National Bank acquired a new stake in IMAX in the 3rd quarter worth approximately $34,000. Royce & Associates LP boosted its stake in IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after purchasing an additional 54,850 shares in the last quarter. Finally, Mizuho Markets Americas LLC boosted its stake in IMAX by 47.5% in the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares in the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction dated 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 sale, the insider now owns 25,139 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of IMAX from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research note on Monday. Barrington Research lifted 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. Rosenblatt Securities upped their price objective on shares of IMAX from $28.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company upped their price objective on shares of IMAX from $26.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $30.67.

IMAX Stock Performance

Shares of NYSE IMAX opened at $25.00 on Tuesday. The company’s fifty day moving average price is $24.76 and its 200 day moving average price is $23.28. IMAX Co. has a 1 year low of $14.94 and a 1 year high of $27.77. The company has a market capitalization of $1.33 billion, a PE ratio of 51.02, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The firm had revenue of $92.67 million for 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, equities analysts expect that IMAX Co. will post 0.91 EPS 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.