IMAX (NYSE:IMAX) CEO Sells $1,266,784.92 in Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 34,182 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $37.06, for a total transaction of $1,266,784.92. Following the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,350,974.12. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Up 2.5%

Shares of IMAX stock traded up $0.87 during mid-day trading on Monday, hitting $35.96. 1,444,050 shares of the stock were exchanged, compared to its average volume of 1,106,186. The firm has a fifty day moving average of $38.21 and a 200 day moving average of $36.21. IMAX Corporation has a 52-week low of $21.86 and a 52-week high of $43.16. The company has a market cap of $1.94 billion, a PE ratio of 57.99, a price-to-earnings-growth ratio of 1.60 and a beta of 0.41.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.15. The business had revenue of $125.21 million for the quarter, compared to the consensus estimate of $120.30 million. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The company’s revenue was up 35.1% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. Equities analysts predict that IMAX Corporation will post 1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aurora Investment Counsel lifted its holdings in IMAX by 0.4% in the 3rd 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. Finally, Arizona State Retirement System lifted its position in IMAX by 2.8% during the third quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock worth $443,000 after buying an additional 364 shares in the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IMAX. Benchmark increased their price objective on shares of IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, February 26th. JPMorgan Chase & Co. increased their price objective on shares of IMAX from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Wall Street Zen downgraded shares of IMAX from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $47.00 price objective on shares of IMAX in a report on Monday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of IMAX in a report on Monday, December 29th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.70.

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.