Marsico Capital Management LLC Purchases Shares of 491,048 IMAX Corporation $IMAX

Marsico Capital Management LLC bought a new stake in IMAX Corporation (NYSE:IMAX) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 491,048 shares of the company’s stock, valued at approximately $18,149,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Orbis Allan Gray Ltd lifted 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 worth $142,960,000 after purchasing an additional 1,230,267 shares during the period. Westfield Capital Management Co. LP grew its holdings 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. Nantahala Capital Management LLC boosted its position in shares of IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after purchasing an additional 225,742 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of IMAX by 0.3% during the third quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock worth $35,501,000 after purchasing an additional 3,494 shares in the last quarter. Finally, Divisadero Street Capital Management LP bought a new stake in IMAX in the 3rd quarter valued at $20,975,000. Institutional investors own 93.51% of the company’s stock.

IMAX Price Performance

IMAX opened at $42.14 on Friday. IMAX Corporation has a fifty-two week low of $24.20 and a fifty-two week high of $43.31. The company’s 50-day moving average is $37.38 and its 200 day moving average is $37.22. The firm has a market capitalization of $2.32 billion, a P/E ratio of 64.83, a PEG ratio of 1.49 and a beta of 0.37.

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

Insider Activity at IMAX

In related news, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were 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 owned 3,657,450 shares of the company’s stock, valued at approximately $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard L. Gelfond sold 135,046 shares of IMAX stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at approximately $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 933,064 shares of company stock valued at $35,201,610. 20.55% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on IMAX. JPMorgan Chase & Co. cut their price target on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Benchmark boosted their price objective on shares of IMAX from $44.00 to $60.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Wedbush reaffirmed an “outperform” rating and set a $46.00 price target on shares of IMAX in a report on Thursday, April 23rd. Seaport Research Partners upped their price target on shares of IMAX from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Finally, Weiss Ratings upgraded shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.00.

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.