Richard Gelfond Sells 121,220 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 121,220 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $40.10, for a total transaction of $4,860,922.00. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $30,676,580.20. This represents a 13.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

IMAX Stock Down 3.9%

Shares of IMAX traded down $1.55 during trading hours on Thursday, hitting $38.26. The company had a trading volume of 1,000,051 shares, compared to its average volume of 1,128,407. The business has a fifty day moving average of $36.94 and a 200-day moving average of $34.87. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 61.70, a PEG ratio of 1.87 and a beta of 0.33. IMAX Corporation has a 12 month low of $20.48 and a 12 month high of $43.16.

IMAX (NYSE:IMAX) last announced its earnings results on Wednesday, February 25th. The company reported $0.58 EPS 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 business 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 posted $0.27 EPS. IMAX’s revenue was up 35.1% compared to the same quarter last year. On average, equities analysts expect that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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 purchasing an additional 1,230,267 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in IMAX by 44.6% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after purchasing an additional 723,861 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in IMAX by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,829 shares of the company’s stock worth $44,864,000 after purchasing an additional 20,863 shares during the period. Nantahala Capital Management LLC grew its stake in 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 buying an additional 225,742 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in IMAX by 1.9% during the fourth quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock worth $40,806,000 after buying an additional 20,079 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IMAX shares. Wedbush reaffirmed an “outperform” rating and issued a $46.00 target price on shares of IMAX in a research report on Monday, February 23rd. Benchmark boosted their price target on IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and set a $47.00 price objective on shares of IMAX in a research report on Tuesday, February 24th. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Finally, The Goldman Sachs Group raised their price target on shares of IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.