Franklin Resources Inc. Decreases Holdings in IMAX Co. (NYSE:IMAX)

Franklin Resources Inc. lessened its holdings in IMAX Co. (NYSE:IMAX - Free Report) by 5.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 816,832 shares of the company's stock after selling 48,646 shares during the period. Franklin Resources Inc. owned 1.55% of IMAX worth $17,358,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Huntington National Bank purchased a new stake in shares of IMAX in the 3rd quarter valued at about $34,000. Headlands Technologies LLC purchased a new stake in IMAX in the second quarter valued at approximately $35,000. Quarry LP lifted its position in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company's stock valued at $48,000 after purchasing an additional 2,350 shares during the last quarter. nVerses Capital LLC purchased a new position in IMAX in the 3rd quarter worth approximately $70,000. Finally, Summit Securities Group LLC bought a new position in shares of IMAX in the 2nd quarter worth $80,000. Institutional investors own 93.51% of the company's stock.

IMAX Stock Down 1.3 %

Shares of IMAX traded down $0.33 during trading hours on Friday, reaching $24.52. 572,201 shares of the company traded hands, compared to its average volume of 746,672. IMAX Co. has a 12 month low of $13.20 and a 12 month high of $26.84. The company's fifty day moving average price is $24.00 and its two-hundred day moving average price is $20.72. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 55.73, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.12. The company had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm's revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 earnings per share. On average, analysts expect that IMAX Co. will post 0.77 EPS for the current year.

Analyst Ratings Changes

IMAX has been the subject of several research reports. StockNews.com lowered shares of IMAX from a "buy" rating to a "hold" rating in a research report on Tuesday, December 10th. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Wedbush reissued an "outperform" rating on shares of IMAX in a report on Wednesday, November 27th. JPMorgan Chase & Co. upped their target price on IMAX from $20.00 to $21.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.11.

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the sale, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the business's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company's stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 over the last quarter. Corporate insiders own 24.08% of the company's stock.

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.