Castleark Management LLC Has $6.19 Million Position in IMAX Co. (NYSE:IMAX)

Castleark Management LLC cut its holdings in IMAX Co. (NYSE:IMAX) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 241,971 shares of the company’s stock after selling 11,510 shares during the period. Castleark Management LLC owned approximately 0.46% of IMAX worth $6,194,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC grew its holdings in IMAX by 14.2% in the fourth quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after purchasing an additional 558,940 shares during the period. Ameriprise Financial Inc. grew its stake in shares of IMAX by 36.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock valued at $46,671,000 after buying an additional 491,172 shares during the period. Raymond James Financial Inc. bought a new stake in IMAX in the 4th quarter valued at about $9,143,000. Pier Capital LLC raised its stake in IMAX by 132.6% during the 4th quarter. Pier Capital LLC now owns 478,760 shares of the company’s stock worth $12,256,000 after buying an additional 272,949 shares during the period. Finally, Deutsche Bank AG boosted its holdings in IMAX by 765.1% in the fourth quarter. Deutsche Bank AG now owns 241,930 shares of the company’s stock worth $6,193,000 after acquiring an additional 213,965 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IMAX. Wells Fargo & Company lowered their target price on IMAX from $32.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. B. Riley initiated coverage on shares of IMAX in a report on Friday, May 16th. They set a “buy” rating and a $36.00 price objective on the stock. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. lowered their target price on shares of IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Finally, Benchmark reaffirmed a “buy” rating and issued a $30.00 price target on shares of IMAX in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $31.22.

IMAX Stock Performance

Shares of IMAX stock opened at $26.97 on Thursday. IMAX Co. has a 52-week low of $14.94 and a 52-week high of $27.77. The company has a 50-day simple moving average of $24.85 and a two-hundred day simple moving average of $24.87. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 55.03, a PEG ratio of 1.49 and a beta of 0.79.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $86.67 million during the quarter, compared to analyst estimates of $82.95 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. IMAX’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. On average, sell-side analysts forecast that IMAX Co. will post 0.91 EPS for the current fiscal year.

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.