640,461 Shares in IMAX Corporation $IMAX Bought by Divisadero Street Capital Management LP

Divisadero Street Capital Management LP bought a new position in shares of IMAX Corporation (NYSE:IMAX) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 640,461 shares of the company’s stock, valued at approximately $20,975,000. IMAX makes up approximately 0.9% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 29th largest position. Divisadero Street Capital Management LP owned about 1.19% of IMAX at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aurora Investment Counsel boosted its position in shares of IMAX by 0.4% during the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company’s stock worth $2,300,000 after buying an additional 308 shares during the period. Jones Financial Companies Lllp raised its position in IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the last quarter. Arizona State Retirement System lifted its stake in IMAX by 2.8% in the 3rd quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock valued at $443,000 after acquiring an additional 364 shares in the last quarter. TD Waterhouse Canada Inc. boosted its position in IMAX by 125.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after acquiring an additional 500 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in IMAX by 1.5% during the 2nd quarter. Legal & General Group Plc now owns 50,969 shares of the company’s stock worth $1,425,000 after acquiring an additional 756 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Price Performance

Shares of IMAX opened at $38.09 on Monday. The company has a market cap of $2.06 billion, a PE ratio of 61.43, a price-to-earnings-growth ratio of 1.80 and a beta of 0.33. The firm has a 50-day moving average of $37.01 and a 200-day moving average of $35.06. IMAX Corporation has a one year low of $20.48 and a one year high of $43.16.

IMAX (NYSE:IMAX) last issued its earnings results 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 company had revenue of $125.21 million for the quarter, compared to analysts’ expectations of $120.30 million. During the same period in the prior year, the firm earned $0.27 EPS. IMAX’s quarterly revenue was up 35.1% compared to the same quarter last year. Analysts expect that IMAX Corporation will post 0.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on IMAX shares. The Goldman Sachs Group boosted their price objective on shares of IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Macquarie Infrastructure raised their target price 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. Wells Fargo & Company lifted their price target on shares of IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Weiss Ratings reissued a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Finally, Roth Mkm restated a “buy” rating and set a $42.00 price objective on shares of IMAX in a research note on Monday, December 8th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average price target of $43.70.

Insider Transactions at IMAX

In other IMAX news, CEO Richard L. Gelfond sold 121,220 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total value of $4,860,922.00. Following the sale, the chief executive officer owned 765,002 shares in the company, valued at $30,676,580.20. This represents a 13.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 24.08% of the stock is 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.