IMAX Corporation $IMAX Stock: Royce & Associates LP Reduces Position

Royce & Associates LP decreased its holdings in IMAX Corporation (NYSE:IMAX) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,251,603 shares of the company’s stock after selling 91,625 shares during the quarter. IMAX comprises 0.6% of Royce & Associates LP’s investment portfolio, making the stock its 17th largest holding. Royce & Associates LP owned 2.28% of IMAX worth $68,588,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of IMAX. Knights of Columbus Asset Advisors LLC raised its holdings in IMAX by 0.5% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 80,553 shares of the company’s stock worth $4,414,000 after purchasing an additional 374 shares in the last quarter. Triumph Capital Management increased its position in IMAX by 3.0% during the second quarter. Triumph Capital Management now owns 17,295 shares of the company’s stock worth $689,000 after buying an additional 504 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in IMAX in the 3rd quarter valued at about $29,000. State of Wyoming boosted its position in IMAX by 7.6% during 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 last quarter. Finally, Quantinno Capital Management LP increased its stake in IMAX by 5.4% in the first quarter. Quantinno Capital Management LP now owns 18,844 shares of the company’s stock valued at $716,000 after purchasing an additional 957 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Trading Up 0.8%

Shares of NYSE IMAX traded up $0.39 during mid-day trading on Friday, reaching $48.28. The company had a trading volume of 747,764 shares, compared to its average volume of 984,740. The company has a 50-day moving average price of $51.85 and a two-hundred day moving average price of $43.54. The stock has a market cap of $2.67 billion, a PE ratio of 20.90, a P/E/G ratio of 0.98 and a beta of 0.54. IMAX Corporation has a 1-year low of $32.71 and a 1-year high of $57.73.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, November 5th. The company reported $2.21 EPS for the quarter, beating the consensus estimate of $1.02 by $1.19. IMAX had a return on equity of 35.15% and a net margin of 27.70%. The business had revenue of $174.55 million during the quarter, compared to the consensus estimate of $168.53 million. During the same period in the prior year, the business posted $0.47 earnings per share. IMAX’s revenue was up 63.6% compared to the same quarter last year. On average, research analysts expect that IMAX Corporation will post 1.88 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on IMAX. Wells Fargo & Company cut their price target on shares of IMAX from $55.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, November 6th. HC Wainwright restated a “buy” rating on shares of IMAX in a research note on Friday, July 24th. Zacks Research upgraded shares of IMAX from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 9th. Morgan Stanley started coverage on IMAX in a research report on Thursday, September 24th. They set an “overweight” rating and a $63.00 price target on the stock. Finally, Wall Street Zen upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.08.

Insider Buying and Selling

In other IMAX news, CEO Richard Gelfond sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the completion of the sale, the chief executive officer directly owned 665,002 shares of the company’s stock, valued at approximately $35,398,056.46. This represents a 13.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Natasha Fernandes sold 20,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the sale, the chief financial officer directly owned 35,596 shares of the company’s stock, valued at $1,944,609.48. This represents a 35.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 507,257 shares of company stock worth $26,673,571 in the last quarter. 20.55% of the stock is currently owned by corporate insiders.

IMAX Profile

IMAX Corporation develops and operates technology and services for premium large-format cinema. Its offerings include specialized projection and sound systems, theater design and installation, and tools for remastering films for presentation on IMAX screens. The company also works with filmmakers and studios to release movies in the IMAX format, and it distributes documentary and feature-film content to its theater network. IMAX systems are used in commercial cinemas and in select educational and institutional venues.