Kenneth Ian Weissman Sells 8,000 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) insider Kenneth Ian Weissman sold 8,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total transaction of $436,320.00. Following the completion of the sale, the insider owned 28,205 shares in the company, valued at approximately $1,538,300.70. The trade was a 22.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

IMAX Price Performance

Shares of IMAX stock traded down $1.21 during trading on Wednesday, reaching $52.69. 745,830 shares of the stock traded hands, compared to its average volume of 1,196,576. IMAX Corporation has a 52-week low of $27.67 and a 52-week high of $55.57. The business has a fifty day simple moving average of $45.11 and a two-hundred day simple moving average of $40.45. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 73.18, a P/E/G ratio of 1.75 and a beta of 0.38.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The company had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. During the same period in the previous year, the business earned $0.26 earnings per share. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, research analysts predict that IMAX Corporation will post 1.49 earnings per share for the current fiscal year.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Strong film slate and audience demand: “The Odyssey” reportedly helped drive IMAX’s best month ever, while the upcoming IMAX releases of Akira, Dune: Part Three, and the limited-run Queen Budapest concert film provide additional opportunities for premium ticket revenue. IMAX Shares Soar To Record High As The Odyssey Fuels Best Month Ever Queen Budapest Concert Film to Screen in IMAX
• Positive Sentiment: Expansion of the theater network: Mann Theatres plans to add an IMAX auditorium at its Plymouth location, reinforcing the company’s strategy of growing its installed base and recurring exhibitor-related revenue. Mann Theatres Bringing IMAX Auditorium to Plymouth Location
• Positive Sentiment: Evidence of premium-format enthusiasm: Reports of intense demand for IMAX tickets in New York support the company’s pricing power and the appeal of its large-format experience. Inside NYC’s IMAX Ticket Craze
• Neutral Sentiment: Management’s planned presentations at Bank of America and Goldman Sachs investor conferences could provide updates on bookings, installations, and guidance, but offer no immediate financial impact. IMAX to Present at Upcoming Institutional Investor Conferences
• Negative Sentiment: AMC Kips Bay 15 is expected to close by year-end, removing an IMAX screen from New York’s theater network. The isolated loss is modest but highlights exposure to theater closures. AMC Kips Bay 15 Closing

Analyst Ratings Changes

A number of research firms recently weighed in on IMAX. Wells Fargo & Company raised their target price on shares of IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Barrington Research lifted their price objective on shares of IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Benchmark restated a “buy” rating on shares of IMAX in a report on Monday, June 22nd. Finally, Wedbush upped their target price on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, IMAX presently has an average rating of “Moderate Buy” and a consensus price target of $52.36.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pier Capital LLC increased its position in shares of IMAX by 85.0% during the fourth quarter. Pier Capital LLC now owns 244,589 shares of the company’s stock worth $9,040,000 after acquiring an additional 112,397 shares during the period. Principal Financial Group Inc. grew its stake in IMAX by 76.3% in the first quarter. Principal Financial Group Inc. now owns 192,120 shares of the company’s stock worth $7,302,000 after purchasing an additional 83,118 shares in the last quarter. Westfield Capital Management Co. LP grew 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 worth $86,726,000 after purchasing an additional 723,861 shares in the last quarter. Chase Investment Counsel Corp purchased a new position in IMAX during the 4th quarter worth $3,070,000. Finally, Militia Capital Management LLC purchased a new position in IMAX during the 1st quarter worth $1,634,000. Hedge funds and other institutional investors own 93.51% 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.