IMAX Corporation $IMAX Shares Sold by Royce & Associates LP

Royce & Associates LP reduced its position in shares of IMAX Corporation (NYSE:IMAX) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,264,397 shares of the company’s stock after selling 61,310 shares during the period. Royce & Associates LP’s holdings in IMAX were worth $46,732,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Divisadero Street Capital Management LP acquired a new stake in shares of IMAX during the 3rd quarter valued at approximately $20,975,000. Principal Financial Group Inc. increased its position in IMAX by 67.8% in the third quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock worth $2,323,000 after buying an additional 28,667 shares during the period. Citigroup Inc. increased its position in IMAX by 267.7% in the third quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock worth $2,187,000 after buying an additional 48,609 shares during the period. Hedges Asset Management LLC acquired a new stake in IMAX in the fourth quarter worth $2,088,000. Finally, Zhang Financial LLC acquired a new stake in IMAX in the third quarter worth $903,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barrington Research increased their target price on IMAX from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. The Goldman Sachs Group increased their target price on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Seaport Research Partners increased their target price on IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Wedbush reaffirmed an “outperform” rating and issued a $46.00 target price on shares of IMAX in a research report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. dropped their target price on IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

IMAX Stock Performance

Shares of IMAX opened at $39.14 on Tuesday. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 60.21, a price-to-earnings-growth ratio of 1.39 and a beta of 0.37. IMAX Corporation has a one year low of $24.20 and a one year high of $43.16. The stock’s fifty day moving average is $36.81 and its 200-day moving average is $36.78.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company 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 quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company earned $0.13 earnings per share. Analysts forecast that IMAX Corporation will post 1.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Richard L. Gelfond sold 135,046 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was 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 approximately $28,932,375.64. This trade represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Douglas sold 330,200 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the transaction, the insider directly owned 3,657,450 shares in the company, valued at $138,324,759. This trade represents a 8.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,054,284 shares of company stock worth $40,062,532 over the last three months. Corporate insiders own 20.55% of the company’s stock.

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.