Strs Ohio Sells 19,650 Shares of IMAX Corporation $IMAX

Strs Ohio cut its stake in IMAX Corporation (NYSE:IMAX) by 18.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 88,750 shares of the company’s stock after selling 19,650 shares during the quarter. Strs Ohio’s holdings in IMAX were worth $3,373,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its holdings in shares of 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 purchasing an additional 332 shares in the last quarter. GAMMA Investing LLC raised its stake in IMAX by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $69,000 after purchasing an additional 342 shares in the last quarter. ProShare Advisors LLC lifted its position in IMAX by 6.8% during the fourth quarter. ProShare Advisors LLC now owns 8,000 shares of the company’s stock worth $296,000 after purchasing an additional 511 shares during the period. Charles Schwab Investment Management Inc. lifted its position in IMAX by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company’s stock worth $4,021,000 after purchasing an additional 546 shares during the period. Finally, Quarry LP grew its stake in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after buying an additional 547 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at $28,557,524.66. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 340,040 shares of company stock worth $12,715,513. Insiders own 20.55% of the company’s stock.

IMAX Stock Performance

Shares of IMAX stock traded up $0.81 during midday trading on Tuesday, hitting $38.14. 93,264 shares of the company traded hands, compared to its average volume of 1,115,733. The firm’s fifty day moving average price is $38.95 and its 200-day moving average price is $37.84. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 58.69, a PEG ratio of 1.41 and a beta of 0.37. IMAX Corporation has a 12 month low of $24.20 and a 12 month high of $45.52.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Weiss Ratings lowered shares of IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 23rd. Benchmark reissued a “buy” rating on shares of IMAX in a research note on Monday, June 22nd. Barrington Research boosted their price objective on shares of IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Finally, Wall Street Zen downgraded IMAX from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average 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.