Lord Abbett & CO. LLC Purchases 46,472 Shares of IMAX Co. (NYSE:IMAX)

Lord Abbett & CO. LLC increased its position in IMAX Co. (NYSE:IMAX) by 15.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 354,693 shares of the company’s stock after purchasing an additional 46,472 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.67% of IMAX worth $9,080,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of IMAX. Principal Financial Group Inc. raised its stake in IMAX by 69.3% in the fourth quarter. Principal Financial Group Inc. now owns 103,946 shares of the company’s stock valued at $2,661,000 after buying an additional 42,562 shares during the period. Intech Investment Management LLC raised its stake in IMAX by 116.1% in the 4th quarter. Intech Investment Management LLC now owns 21,589 shares of the company’s stock valued at $553,000 after acquiring an additional 11,597 shares during the period. Raymond James Financial Inc. bought a new stake in IMAX in the 4th quarter valued at $9,143,000. Savant Capital LLC acquired a new stake in IMAX during the 4th quarter valued at $249,000. Finally, SG Americas Securities LLC bought a new position in IMAX during the fourth quarter worth $333,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IMAX shares. Macquarie raised their target price on shares of IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Friday. Benchmark reaffirmed a “buy” rating and issued a $30.00 target price on shares of IMAX in a research report on Thursday, April 10th. Wedbush reiterated an “outperform” rating and set a $32.00 target price on shares of IMAX in a research note on Thursday, April 17th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $35.00 price target on shares of IMAX in a research note on Thursday. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $30.56.

IMAX Price Performance

Shares of NYSE:IMAX opened at $23.89 on Friday. IMAX Co. has a 1 year low of $14.94 and a 1 year high of $27.77. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 48.76, a price-to-earnings-growth ratio of 1.49 and a beta of 0.91. The company’s 50 day simple moving average is $24.70 and its 200 day simple moving average is $24.34.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.60%. The business had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. As a group, analysts anticipate 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.