Richard Gelfond Sells 15,746 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 15,746 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $37.07, for a total value of $583,704.22. Following the completion of the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,358,624.14. The trade was a 2.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Performance

IMAX stock traded up $0.20 on Wednesday, reaching $37.03. The company had a trading volume of 728,682 shares, compared to its average volume of 1,081,014. IMAX Corporation has a 1 year low of $21.49 and a 1 year high of $43.16. The company’s fifty day moving average is $38.22 and its 200 day moving average is $36.13. The company has a market cap of $2.00 billion, a P/E ratio of 59.72, a PEG ratio of 1.68 and a beta of 0.41.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.15. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The firm had revenue of $125.21 million for the quarter, compared to analyst estimates of $120.30 million. During the same quarter in the prior year, the company earned $0.27 EPS. IMAX’s revenue was up 35.1% on a year-over-year basis. On average, sell-side analysts predict that IMAX Corporation will post 0.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

IMAX has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Wall Street Zen lowered IMAX from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 28th. Benchmark upped their target price on IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Barrington Research reaffirmed an “outperform” rating and issued a $42.00 target price on shares of IMAX in a research note on Monday, January 26th. Finally, The Goldman Sachs Group upped their target price on IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $43.70.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Aurora Investment Counsel grew its position in shares of IMAX by 0.4% in the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company’s stock valued at $2,300,000 after purchasing an additional 308 shares during the period. Jones Financial Companies Lllp grew its position in shares of IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of IMAX by 28.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock valued at $55,000 after purchasing an additional 332 shares during the period. GAMMA Investing LLC grew its position in shares of 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 during the period. Finally, Arizona State Retirement System grew its position in shares of IMAX by 2.8% in the third quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock valued at $443,000 after purchasing an additional 364 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company 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.