Principal Financial Group Inc. Sells 2,434 Shares of IMAX Co. (NYSE:IMAX)

Principal Financial Group Inc. lowered its position in shares of IMAX Co. (NYSE:IMAX) by 3.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 61,384 shares of the company’s stock after selling 2,434 shares during the quarter. Principal Financial Group Inc.’s holdings in IMAX were worth $1,259,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IMAX. Huntington National Bank purchased a new position in shares of IMAX during the 3rd quarter valued at about $34,000. Headlands Technologies LLC bought a new position in IMAX during the second quarter valued at approximately $35,000. Quarry LP raised its stake in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after acquiring an additional 2,350 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of IMAX in the 3rd quarter worth approximately $70,000. Finally, US Bancorp DE boosted its stake in shares of IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after purchasing an additional 1,452 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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 value of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 over the last three months. Corporate insiders own 24.08% of the company’s stock.

Analysts Set New Price Targets

IMAX has been the subject of several recent research reports. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. Barrington Research reissued an “outperform” rating and issued a $24.00 target price on shares of IMAX in a research note on Thursday, October 31st. Roth Mkm raised their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, IMAX currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.11.

IMAX Stock Performance

IMAX opened at $25.13 on Friday. The stock’s 50 day moving average price is $24.90 and its 200-day moving average price is $21.43. IMAX Co. has a 52-week low of $13.20 and a 52-week high of $26.84. The stock has a market capitalization of $1.32 billion, a PE ratio of 57.11, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. The business had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. Research analysts forecast that IMAX Co. will post 0.77 EPS for the current fiscal 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.