Westfield Capital Management Co. LP lifted its holdings in IMAX Corporation (NYSE:IMAX – Free Report) by 44.6% in the fourth quarter, Holdings Channel reports. The fund owned 2,346,486 shares of the company’s stock after purchasing an additional 723,861 shares during the quarter. Westfield Capital Management Co. LP’s holdings in IMAX were worth $86,726,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new position in shares of IMAX in the 3rd quarter valued at about $27,000. Jones Financial Companies Lllp lifted its holdings in shares of IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after acquiring an additional 317 shares during the last quarter. Clearstead Advisors LLC bought a new position in shares of IMAX in the 3rd quarter valued at about $35,000. Torren Management LLC bought a new position in shares of IMAX in the 4th quarter valued at about $40,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of IMAX by 2,310.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after acquiring an additional 1,109 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently commented on IMAX. Barrington Research increased their price target on shares of IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Wedbush reissued an “outperform” rating and issued a $46.00 price objective on shares of IMAX in a research report on Thursday, April 23rd. Wall Street Zen lowered shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $60.00 price objective on shares of IMAX in a research report on Friday, May 22nd. Finally, Seaport Research Partners increased their price objective on shares of IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.00.
Insider Buying and Selling
In other news, insider Kevin Douglas sold 330,200 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the transaction, the insider directly owned 3,657,450 shares of the company’s stock, valued at approximately $138,324,759. This trade represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard L. Gelfond sold 135,046 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $28,932,375.64. This trade represents a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 1,054,284 shares of company stock worth $40,062,532. Corporate insiders own 20.55% of the company’s stock.
IMAX Price Performance
IMAX stock opened at $39.01 on Friday. IMAX Corporation has a 1-year low of $24.20 and a 1-year high of $43.16. The firm has a market capitalization of $2.15 billion, a P/E ratio of 60.01, a price-to-earnings-growth ratio of 1.38 and a beta of 0.37. The company’s 50-day moving average is $37.09 and its 200 day moving average is $37.05.
IMAX (NYSE:IMAX – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, topping 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 net margin of 9.08% and a return on equity of 13.61%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.13 EPS. Research analysts anticipate that IMAX Corporation will post 1.34 earnings per share for the current fiscal year.
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.
Read More
- Five stocks we like better than IMAX
- Buy the Dip? Broadcom’s AI Moat Is Wider Than Ever
- The Great AI Server Rotation Puts Hewlett Packard Enterprise and Super Micro Computer in Focus
- Generac’s AI Power Pivot Raises a Bigger Question About Data Center Demand
- Medtronic Bottoms, Healthy Rebound Ahead
Want to see what other hedge funds are holding IMAX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IMAX Corporation (NYSE:IMAX – Free Report).
Receive News & Ratings for IMAX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IMAX and related companies with MarketBeat.com's FREE daily email newsletter.
