SG Americas Securities LLC Boosts Stock Holdings in IMAX Corporation $IMAX

SG Americas Securities LLC increased its holdings in shares of IMAX Corporation (NYSE:IMAX) by 284.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,887 shares of the company’s stock after purchasing an additional 13,968 shares during the quarter. SG Americas Securities LLC’s holdings in IMAX were worth $718,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in IMAX. Orbis Allan Gray Ltd raised its holdings in shares of IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after buying an additional 1,230,267 shares during the period. Westfield Capital Management Co. LP raised its position in shares of IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after acquiring an additional 723,861 shares in the last quarter. Divisadero Street Capital Management LP bought a new position in shares of IMAX in the 3rd quarter worth about $20,975,000. Marsico Capital Management LLC bought a new position in IMAX in the fourth quarter worth about $18,149,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of IMAX in the 2nd quarter worth approximately $12,568,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Stock Up 2.6%

Shares of IMAX stock opened at $38.29 on Tuesday. IMAX Corporation has a fifty-two week low of $24.20 and a fifty-two week high of $45.52. The stock has a market capitalization of $2.11 billion, a P/E ratio of 59.07, a P/E/G ratio of 1.41 and a beta of 0.37. The stock has a 50-day simple moving average of $38.95 and a 200 day simple moving average of $37.84.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $81.38 million for the quarter, compared to analysts’ expectations of $79.82 million. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. On average, sell-side analysts anticipate that IMAX Corporation will post 1.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on IMAX shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $47.00 price objective on shares of IMAX in a report on Monday, April 20th. Wedbush restated an “outperform” rating and issued a $46.00 price target on shares of IMAX in a research note on Thursday, April 23rd. Seaport Research Partners reaffirmed a “buy” rating and set a $50.00 price target on shares of IMAX in a report on Wednesday, June 24th. Barrington Research increased their price objective on IMAX from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their target price on IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Insider Transactions at IMAX

In other IMAX news, CEO Richard L. Gelfond sold 8,943 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,557,524.66. This trade represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 340,040 shares of company stock valued at $12,715,513. 20.55% of the stock is currently owned by corporate insiders.

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.