The Manufacturers Life Insurance Company Invests $446,000 in IMAX Corporation $IMAX

The Manufacturers Life Insurance Company purchased a new stake in IMAX Corporation (NYSE:IMAX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,178 shares of the company’s stock, valued at approximately $446,000.

A number of other institutional investors have also added to or reduced their stakes in IMAX. Caitong International Asset Management Co. Ltd lifted its holdings in IMAX by 28.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock worth $55,000 after buying an additional 332 shares during the period. ProShare Advisors LLC increased its stake in shares of IMAX by 6.8% in the fourth quarter. ProShare Advisors LLC now owns 8,000 shares of the company’s stock valued at $296,000 after buying an additional 511 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of IMAX by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company’s stock valued at $4,021,000 after buying an additional 546 shares during the period. Quarry LP raised its position in shares of IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after acquiring an additional 547 shares during the last quarter. Finally, State of Wyoming lifted its stake in shares of IMAX by 7.6% in the first quarter. State of Wyoming now owns 7,910 shares of the company’s stock worth $301,000 after acquiring an additional 562 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Kenneth Weissman sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total transaction of $436,320.00. Following the transaction, the insider owned 28,205 shares in the company, valued at approximately $1,538,300.70. This represents a 22.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard L. Gelfond sold 205,504 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total transaction of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at $40,751,656.54. This trade represents a 21.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 484,757 shares of company stock valued at $25,513,021 over the last ninety days. 20.55% of the stock is owned by corporate insiders.

IMAX Stock Performance

Shares of IMAX opened at $51.72 on Tuesday. The firm has a market cap of $2.84 billion, a PE ratio of 71.83, a price-to-earnings-growth ratio of 1.60 and a beta of 0.40. IMAX Corporation has a 52-week low of $28.93 and a 52-week high of $55.57. The business’s 50 day moving average price is $46.59 and its two-hundred day moving average price is $41.41.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. During the same quarter last year, the firm posted $0.26 EPS. The company’s quarterly revenue was up 12.2% on a year-over-year basis. Research analysts predict that IMAX Corporation will post 1.53 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on IMAX shares. Roth Capital upped their target price on IMAX from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday. B. Riley Financial boosted their price target on shares of IMAX from $52.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Seaport Research Partners reaffirmed a “buy” rating and issued a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th. HC Wainwright reiterated a “buy” rating on shares of IMAX in a research report on Friday, July 24th. Finally, Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.