1492 Capital Management Lowers IMAX Stake by 0.6% in Q1
1492 Capital Management LLC has reduced its stake in IMAX Corporation (NYSE: IMAX) by 0.6% during the first quarter of 2024, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 209,974 shares of IMAX after selling 1,278 shares during the period. IMAX accounts for approximately 3.0% of 1492 Capital Management’s total portfolio, positioning it as the firm’s fifth-largest holding.
As of the latest filing, 1492 Capital Management’s investment in IMAX is valued at $5,533,000, representing 0.39% of the company. Other institutional investors have also made adjustments to their positions in IMAX recently.
Institutional Activity in IMAX Stock
Sei Investments Co. increased its holdings in IMAX by 10.2% during the fourth quarter of 2023, bringing its total to 146,577 shares worth $3,752,000. Meanwhile, KLP Kapitalforvaltning AS acquired a new stake valued at approximately $448,000 during the same period.
The Vanguard Group Inc. also raised its position, purchasing an additional 60,762 shares for a total of 612,115 shares, valued at $15,670,000. Norges Bank entered the market with a new investment valued at about $3,711,000. Additionally, Alliancebernstein L.P. significantly increased its stake by 60.7%, now owning 78,988 shares worth $2,022,000.
Overall, institutional investors and hedge funds own approximately 93.51% of IMAX stock, reflecting strong interest in the company’s performance.
Market Performance and Analyst Ratings
On the trading front, IMAX shares opened at $28.94 on Thursday, March 15, 2024. The company boasts a market capitalization of $1.56 billion, with a price-to-earnings (PE) ratio of 61.57 and a beta of 0.80. The stock’s moving averages are a 50-day price of $27.64 and a 200-day price of $25.65. Over the past year, IMAX has seen a low of $17.60 and a high of $29.66.
In a recent announcement, IMAX’s board authorized a stock buyback plan on June 12, 2024, allowing the company to repurchase up to $100 million in shares. This plan permits the company to buy back up to 6.5% of its stock through open market transactions, suggesting confidence from the board in the company’s valuation.
Analysts are optimistic about IMAX’s future. Barrington Research reaffirmed an “outperform” rating with a target price of $32.00 on April 24, 2024. Roth Capital and B. Riley also issued “buy” ratings with target prices of $36.00. Macquarie raised its target price from $30.00 to $32.00, maintaining an “outperform” rating. Currently, the consensus rating is “Buy” with a target price of $31.70, according to data from MarketBeat.
IMAX Corporation operates globally as a technology platform for entertainment and events, with two main segments: Content Solutions and Technology Products and Services. The company is known for its proprietary IMAX DMR technology, which digitally remasters films for distribution, as well as its innovative solutions for streaming and video quality.
For those interested in the latest movements within IMAX and its institutional investors, more information can be found on financial news platforms and investment analysis websites.
