Richard Gelfond Sells 12,987 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 12,987 shares of IMAX stock in a transaction on Monday, April 6th. The stock was sold at an average price of $40.26, for a total transaction of $522,856.62. Following the completion of the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at approximately $30,798,980.52. This trade represents a 1.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Trading Down 2.0%

NYSE IMAX traded down $0.81 during trading hours on Monday, reaching $39.32. 1,087,503 shares of the company traded hands, compared to its average volume of 1,104,984. The stock has a market capitalization of $2.12 billion, a PE ratio of 63.42, a PEG ratio of 1.89 and a beta of 0.41. IMAX Corporation has a 12 month low of $20.48 and a 12 month high of $43.16. The company has a 50 day moving average of $37.78 and a two-hundred day moving average of $35.86.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $120.30 million. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s revenue was up 35.1% on a year-over-year basis. On average, equities research analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On IMAX

Several large investors have recently bought and sold shares of IMAX. Westfield Capital Management Co. LP acquired a new stake in shares of IMAX in the 3rd quarter worth approximately $53,141,000. Orbis Allan Gray Ltd boosted its stake in IMAX by 31.7% during the second 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 in the last quarter. Divisadero Street Capital Management LP acquired a new position in IMAX during the third quarter worth about $20,975,000. Marsico Capital Management LLC bought a new stake in IMAX in the fourth quarter worth about $18,149,000. Finally, Balyasny Asset Management L.P. bought a new stake in IMAX in the second quarter worth about $12,568,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on IMAX. Rosenblatt Securities reiterated a “buy” rating and issued a $47.00 target price on shares of IMAX in a research report on Tuesday, February 24th. Wedbush reissued an “outperform” rating and set a $46.00 target price on shares of IMAX in a research note on Monday, February 23rd. Wells Fargo & Company raised 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. Roth Mkm reaffirmed a “buy” rating and set a $42.00 price target on shares of IMAX in a report on Monday, December 8th. Finally, The Goldman Sachs Group boosted their price objective on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.70.

About IMAX

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.