Lord Abbett & CO. LLC Takes Position in IMAX Co. (NYSE:IMAX)

Lord Abbett & CO. LLC acquired a new position in shares of IMAX Co. (NYSE:IMAX - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 308,221 shares of the company's stock, valued at approximately $6,322,000. Lord Abbett & CO. LLC owned 0.59% of IMAX as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank acquired a new stake in shares of IMAX in the third quarter worth approximately $34,000. Headlands Technologies LLC purchased a new stake in shares of IMAX during the second quarter worth $35,000. Quarry LP raised its position in shares of IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company's stock valued at $48,000 after buying an additional 2,350 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of IMAX in the third quarter valued at about $70,000. Finally, Summit Securities Group LLC purchased a new position in shares of IMAX in the second quarter worth about $80,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares of the company's stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company's stock, valued at $379,814.16. The trade was a 16.58 % 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 in the last ninety days. Insiders own 24.08% of the company's stock.

Analysts Set New Price Targets

IMAX has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price target on IMAX from $20.00 to $21.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Benchmark lifted their target price on IMAX from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Friday. StockNews.com lowered IMAX from a "buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Wedbush reissued an "outperform" rating on shares of IMAX in a research report on Wednesday, November 27th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $24.00 target price on shares of IMAX in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $25.11.

IMAX Stock Performance

IMAX stock traded up $0.12 during mid-day trading on Tuesday, reaching $25.31. The company had a trading volume of 641,821 shares, compared to its average volume of 748,725. The firm has a fifty day simple moving average of $23.75 and a 200 day simple moving average of $20.60. IMAX Co. has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 57.52, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.23 by $0.12. The firm 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%. IMAX's revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.27 earnings per share. As a group, analysts predict that IMAX Co. will post 0.77 earnings per share 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.