Richard Gelfond Sells 100,000 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 100,000 shares of IMAX stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $53.23, for a total value of $5,323,000.00. Following the completion of the transaction, the chief executive officer owned 665,002 shares in the company, valued at approximately $35,398,056.46. This represents a 13.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Price Performance

Shares of IMAX stock opened at $52.93 on Friday. The stock has a market capitalization of $2.90 billion, a PE ratio of 73.51, a P/E/G ratio of 1.74 and a beta of 0.38. IMAX Corporation has a 1-year low of $26.17 and a 1-year high of $54.50. The business has a 50-day moving average of $44.65 and a 200 day moving average of $40.15.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.13. The firm had revenue of $102.84 million for the quarter, compared to analysts’ expectations of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The company’s revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. Analysts anticipate that IMAX Corporation will post 1.44 EPS for the current year.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Rosenblatt Securities reiterated a Buy rating and established a $60 price target, signaling continued confidence in IMAX’s growth prospects and potential upside. Rosenblatt reiterates Buy rating
• Positive Sentiment: The Odyssey has reportedly surpassed $1.29 billion globally and become IMAX’s biggest release ever. The result highlights strong audience demand for IMAX presentations and could support additional box-office-related revenue and future studio partnerships. The Odyssey becomes IMAX’s biggest release
• Positive Sentiment: Demand for Dune: Part Three appears strong, with early 70mm IMAX screenings nearly selling out and reports of heavy ticket demand. This points to potentially robust attendance and premium-ticket economics for upcoming releases. Dune IMAX 70mm screenings nearly sell out
• Neutral Sentiment: IMAX amended Chief Legal Officer and Senior Executive Vice President Robert D. Lister’s employment agreement on August 19. The update may provide management continuity, but no major financial or strategic change was disclosed. IMAX extends chief legal officer agreement
• Negative Sentiment: CEO Richard Gelfond sold a combined 456,757 shares from August 18–20 for approximately $24 million, reducing his direct ownership by a sizable amount. The transactions were made under a pre-arranged Rule 10b5-1 plan, which lessens concerns about a sudden loss of confidence, but the selling could still pressure sentiment while IMAX trades at an elevated valuation. SEC insider trading filing

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Orbis Allan Gray Ltd grew its stake 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 acquiring an additional 1,230,267 shares during the period. BlackRock Inc. purchased a new stake in IMAX in the 2nd quarter worth approximately $115,881,000. Westfield Capital Management Co. LP raised its stake in IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after acquiring an additional 723,861 shares during the period. Dimensional Fund Advisors LP raised its stake in IMAX by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock worth $47,026,000 after acquiring an additional 23,401 shares during the period. Finally, Nantahala Capital Management LLC lifted its holdings in IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after purchasing an additional 225,742 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on IMAX shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $60.00 price target on shares of IMAX in a research report on Wednesday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $60.00 target price on shares of IMAX in a research report on Friday, May 22nd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $42.00 target price on shares of IMAX in a report on Thursday, July 23rd. B. Riley Financial increased their price target on shares of IMAX from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their price target on shares of IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Ten analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.55.

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.