Insider Selling: IMAX (NYSE:IMAX) CEO Sells 34,182 Shares of Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 34,182 shares of IMAX stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $37.06, for a total value of $1,266,784.92. Following the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,350,974.12. The trade was a 4.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Price Performance

IMAX stock traded up $0.87 during trading on Monday, reaching $35.96. 1,444,050 shares of the company were exchanged, compared to its average volume of 1,106,186. IMAX Corporation has a 52-week low of $21.86 and a 52-week high of $43.16. The company has a market capitalization of $1.94 billion, a P/E ratio of 57.99, a PEG ratio of 1.60 and a beta of 0.41. The stock’s 50 day simple moving average is $38.21 and its two-hundred day simple moving average is $36.21.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $125.21 million during the quarter, compared to analyst estimates of $120.30 million. During the same quarter in the prior year, the firm posted $0.27 earnings per share. IMAX’s quarterly revenue was up 35.1% on a year-over-year basis. As a group, equities analysts forecast that IMAX Corporation will post 1.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IMAX shares. Wedbush reissued an “outperform” rating and issued a $46.00 price objective on shares of IMAX in a report on Monday, February 23rd. Barrington Research reaffirmed an “outperform” rating and set a $42.00 price target on shares of IMAX in a research report on Monday, January 26th. Benchmark lifted their price target on shares of IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Seaport Research Partners lifted their price target on shares of IMAX from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Finally, Macquarie Infrastructure lifted 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. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.70.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its stake in IMAX by 284.0% during the first quarter. SG Americas Securities LLC now owns 18,887 shares of the company’s stock worth $718,000 after buying an additional 13,968 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in IMAX by 159.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock worth $111,000 after buying an additional 1,849 shares during the period. Sit Investment Associates Inc. boosted its stake in IMAX by 184.9% during the fourth quarter. Sit Investment Associates Inc. now owns 50,350 shares of the company’s stock worth $1,861,000 after buying an additional 32,675 shares during the period. Virtu Financial LLC purchased a new position in IMAX during the fourth quarter worth about $493,000. Finally, Wellington Management Group LLP boosted its stake in IMAX by 41.7% during the fourth quarter. Wellington Management Group LLP now owns 839,303 shares of the company’s stock worth $31,021,000 after buying an additional 247,009 shares during the period. Hedge funds and other institutional investors own 93.51% 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.