Peregrine Capital Management LLC Trims Holdings in IMAX Corporation $IMAX

Peregrine Capital Management LLC cut its position in shares of IMAX Corporation (NYSE:IMAX) by 99.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 850 shares of the company’s stock after selling 152,206 shares during the quarter. Peregrine Capital Management LLC’s holdings in IMAX were worth $32,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. SG Americas Securities LLC lifted its stake in shares of IMAX by 284.0% during the first quarter. SG Americas Securities LLC now owns 18,887 shares of the company’s stock valued at $718,000 after buying an additional 13,968 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in IMAX by 159.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock worth $111,000 after acquiring an additional 1,849 shares during the period. Sit Investment Associates Inc. grew its stake in IMAX by 184.9% in the 4th quarter. Sit Investment Associates Inc. now owns 50,350 shares of the company’s stock worth $1,861,000 after acquiring an additional 32,675 shares during the period. Virtu Financial LLC acquired a new position in IMAX in the 4th quarter valued at $493,000. Finally, Wellington Management Group LLP raised its holdings in IMAX by 41.7% in the 4th quarter. Wellington Management Group LLP now owns 839,303 shares of the company’s stock valued at $31,021,000 after acquiring an additional 247,009 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

Insider Buying and Selling

In other IMAX news, 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 transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 353,027 shares of company stock valued at $13,238,370 in the last 90 days. Company insiders own 20.55% of the company’s stock.

IMAX Trading Down 1.3%

Shares of IMAX stock opened at $39.88 on Friday. The business’s fifty day moving average price is $38.86 and its 200 day moving average price is $37.84. IMAX Corporation has a twelve month low of $24.20 and a twelve month high of $45.52. The stock has a market capitalization of $2.19 billion, a P/E ratio of 61.35, a PEG ratio of 1.43 and a beta of 0.37.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $81.38 million for the quarter, compared to analyst estimates of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The company’s revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. As a group, sell-side analysts predict that IMAX Corporation will post 1.34 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and set a $47.00 price objective on shares of IMAX in a report on Monday, April 20th. Barrington Research upped their target price on IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Wedbush reiterated an “outperform” rating and set a $46.00 target price on shares of IMAX in a research report on Thursday, April 23rd. Benchmark reissued a “buy” rating on shares of IMAX in a research note on Monday, June 22nd. Finally, JPMorgan Chase & Co. lowered their price target on IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, IMAX presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

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.