IMAX (NYSE:IMAX) CEO Sells $256,672.68 in Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 6,924 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $37.07, for a total transaction of $256,672.68. Following the transaction, the chief executive officer owned 765,002 shares of the company’s stock, valued at approximately $28,358,624.14. This represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Price Performance

IMAX stock opened at $34.95 on Friday. The company has a 50 day simple moving average of $38.21 and a 200 day simple moving average of $36.16. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 56.37, a P/E/G ratio of 1.69 and a beta of 0.41. IMAX Corporation has a 1 year low of $21.86 and a 1 year high of $43.16.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The business had revenue of $125.21 million during the quarter, compared to analysts’ expectations of $120.30 million. During the same period in the prior year, the company earned $0.27 EPS. The firm’s quarterly revenue was up 35.1% compared to the same quarter last year. On average, equities research analysts anticipate that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On IMAX

Several large investors have recently modified their holdings of the company. Orbis Allan Gray Ltd increased its position in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after buying an additional 1,230,267 shares during the period. Westfield Capital Management Co. LP increased its position in shares of IMAX by 44.6% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after buying an additional 723,861 shares during the period. Dimensional Fund Advisors LP increased its position in shares of IMAX by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,829 shares of the company’s stock worth $44,864,000 after buying an additional 20,863 shares during the period. Nantahala Capital Management LLC increased its position in shares of IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after buying an additional 225,742 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of IMAX by 1.9% during the fourth quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock worth $40,806,000 after buying an additional 20,079 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IMAX has been the subject of several recent research reports. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Barrington Research restated an “outperform” rating and issued a $42.00 price target on shares of IMAX in a research report on Monday, January 26th. Macquarie Infrastructure upped their price target on shares of IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of IMAX from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus target price of $43.70.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.