Legal & General Group Plc Purchases New Position in IMAX Corporation $IMAX

Legal & General Group Plc bought a new position in shares of IMAX Corporation (NYSE:IMAX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 40,031 shares of the company’s stock, valued at approximately $1,596,000. Legal & General Group Plc owned approximately 0.07% of IMAX as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in IMAX. CIBC Private Wealth Group LLC acquired a new stake in shares of IMAX in the 3rd quarter valued at about $27,000. Quarry LP lifted its stake in IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after buying an additional 547 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in IMAX by 2,310.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after buying an additional 1,109 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in shares of IMAX by 863.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock valued at $62,000 after acquiring an additional 1,493 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in shares of IMAX in the fourth quarter valued at approximately $74,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey’s IMAX 70mm engagement has been extended through the end of September, indicating sustained demand for premium-format screenings and potentially supporting IMAX’s box-office revenue. The Odyssey Is Extending Its IMAX 70MM Run Once Again Through the End of September
• Positive Sentiment: Multiple reports say The Odyssey’s ticket sales have surpassed $450 million, and theaters are extending its IMAX 70mm run. The result reinforces the commercial appeal of blockbuster films released in IMAX and could improve near-term exhibitor and technology revenue. The Odyssey extends Imax 70mm run, ticket sales surpass $450 million
• Neutral Sentiment: Coverage of Steph Curry’s basketball project involving 20 IMAX cameras highlights IMAX’s ability to attract sports and event-content partnerships, although the immediate financial impact is unclear. Steph Curry IMAX cameras feature
• Negative Sentiment: Goldman Sachs raised its IMAX price target from $42 to $50 but maintained a Neutral rating. The new target remains about 3.3% below the reported $51.72 share price, suggesting Goldman believes much of the expected upside is already reflected. With IMAX trading at a high earnings multiple, the valuation signal may weigh on the stock despite the target increase.

IMAX Stock Up 0.2%

Shares of NYSE:IMAX opened at $51.72 on Monday. IMAX Corporation has a fifty-two week low of $28.93 and a fifty-two week high of $55.57. The firm’s 50-day simple moving average is $46.36 and its 200-day simple moving average is $41.31. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 71.83, a PEG ratio of 1.60 and a beta of 0.40.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. During the same period in the prior year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, research analysts forecast that IMAX Corporation will post 1.53 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IMAX shares. The Goldman Sachs Group upped their price target on shares of IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and set a $60.00 price objective on shares of IMAX in a research report on Wednesday, August 19th. Wedbush upped their target price on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Finally, Barrington Research increased their target price on shares of IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Ten investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Insider Transactions at IMAX

In other news, insider Kenneth Weissman sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the completion of the sale, the insider directly owned 28,205 shares of the company’s stock, valued at $1,538,300.70. This trade represents a 22.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard Gelfond sold 205,504 shares of IMAX stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $53.27, for a total value of $10,947,198.08. Following the completion of the sale, the chief executive officer owned 765,002 shares in the company, valued at approximately $40,751,656.54. This trade represents a 21.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 484,757 shares of company stock valued at $25,513,021. Corporate insiders own 20.55% of the company’s stock.

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.