Polar Asset Management Partners Inc. Takes $3.23 Million Position in IMAX Corporation $IMAX

Polar Asset Management Partners Inc. acquired a new position in IMAX Corporation (NYSE:IMAX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 98,544 shares of the company’s stock, valued at approximately $3,227,000. Polar Asset Management Partners Inc. owned approximately 0.18% of IMAX at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of IMAX. Orbis Allan Gray Ltd grew 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 worth $142,960,000 after acquiring an additional 1,230,267 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of IMAX during the 3rd quarter valued at $53,141,000. Nantahala Capital Management LLC increased its stake in shares of IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after acquiring an additional 225,742 shares in the last quarter. Victory Capital Management Inc. lifted its position in IMAX by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock valued at $35,501,000 after acquiring an additional 3,494 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in IMAX by 10.9% during the second quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after acquiring an additional 101,048 shares in the last quarter. Institutional investors own 93.51% of the company’s stock.

IMAX Trading Down 2.2%

Shares of IMAX opened at $36.62 on Friday. The firm has a fifty day simple moving average of $37.25 and a two-hundred day simple moving average of $35.23. The firm has a market cap of $1.98 billion, a PE ratio of 59.06, a P/E/G ratio of 1.76 and a beta of 0.33. IMAX Corporation has a 1-year low of $20.48 and a 1-year high of $43.16.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.15. The firm had revenue of $125.21 million for the quarter, compared to the consensus estimate of $120.30 million. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The company’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same period last year, the business posted $0.27 EPS. As a group, research analysts forecast that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Insider Transactions at IMAX

In other news, CEO Richard L. Gelfond sold 121,220 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $40.10, for a total value of $4,860,922.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kevin Douglas sold 330,200 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the completion of the transaction, the insider directly owned 3,657,450 shares in the company, valued at approximately $138,324,759. The trade was a 8.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 689,220 shares of company stock valued at $26,342,682. Corporate insiders own 23.18% of the company’s stock.

Analyst Upgrades and Downgrades

IMAX has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 28th. Wells Fargo & Company upped their target price on shares of IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. B. Riley Financial reissued a “buy” rating on shares of IMAX in a report on Monday, December 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $46.00 price target on shares of IMAX in a report on Monday, February 23rd. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.70.

IMAX 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.