Manatuck Hill Partners LLC trimmed its position in IMAX Corporation (NYSE:IMAX – Free Report) by 14.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,200 shares of the company’s stock after selling 50,000 shares during the quarter. IMAX comprises approximately 3.7% of Manatuck Hill Partners LLC’s holdings, making the stock its 4th largest position. Manatuck Hill Partners LLC’s holdings in IMAX were worth $10,689,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. CIBC Private Wealth Group LLC acquired a new stake in shares of IMAX in the third quarter worth $27,000. Quarry LP raised its stake in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after purchasing an additional 547 shares during the last quarter. Jones Financial Companies Lllp raised its stake in IMAX by 43.8% during the 3rd 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 last quarter. Clearstead Advisors LLC acquired a new position in IMAX during the 3rd quarter valued at $35,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 1,109 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. Wedbush reiterated an “outperform” rating and set a $46.00 target price on shares of IMAX in a research note on Thursday, April 23rd. JPMorgan Chase & Co. cut their target price on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Rosenblatt Securities reiterated a “buy” rating and set a $47.00 target price on shares of IMAX in a research note on Monday, April 20th. Finally, Weiss Ratings upgraded shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, June 4th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.
IMAX Price Performance
Shares of IMAX stock opened at $44.27 on Thursday. The firm has a market capitalization of $2.44 billion, a PE ratio of 68.11, a price-to-earnings-growth ratio of 1.55 and a beta of 0.37. The company’s fifty day moving average price is $37.67 and its two-hundred day moving average price is $37.41. IMAX Corporation has a 52-week low of $24.20 and a 52-week high of $45.09.
IMAX (NYSE:IMAX – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm 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 business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 EPS. Analysts predict that IMAX Corporation will post 1.34 earnings per share for the current fiscal year.
More IMAX News
Here are the key news stories impacting IMAX this week:
- Positive Sentiment: The Odyssey broke BFI IMAX ticket sales records, signaling strong demand for premium IMAX presentations and potentially boosting IMAX’s near-term outlook. The Odyssey Breaks BFI Imax Ticket Sales Records
- Positive Sentiment: Additional reports say The Odyssey smashed first-day BFI IMAX ticket records and set another major advance-sales milestone, adding to optimism about summer box-office momentum for IMAX screens. The Odyssey smashes BFI Imax records for first day ticket sales
- Positive Sentiment: Investor commentary highlighted IMAX stock near a record high as summer box-office strength builds, suggesting the market is rewarding improved theater demand and confidence in the company’s business model. IMAX stock near record high as summer box-office momentum builds
- Positive Sentiment: Analysts and entertainment coverage continue to emphasize the appeal of IMAX format content, including Nolan’s films, which supports the case for sustained consumer demand. 3 Big Reasons to Love IMAX (IMAX)
- Neutral Sentiment: Several articles explain how IMAX films reach theaters or compare IMAX with other premium formats; these are informative but not likely to materially move the stock on their own. The Odyssey director Christopher Nolan explains how an IMAX film reaches theaters
- Neutral Sentiment: Coverage noting that Spider-Man: Brand New Day will not get an IMAX release in some markets is mixed for IMAX overall, but the impact appears limited versus the stronger demand headlines for The Odyssey. Why Tom Holland’s Spider-Man: Brand New Day isn’t getting an IMAX release and what replaces it
- Negative Sentiment: Some reports indicate Spider-Man: Brand New Day will not be released in IMAX in India, which could slightly limit premium-screen content in that market. Spider-Man: Brand new day will not be released in IMAX in India; find out the reason here
Insider Transactions at IMAX
In other IMAX news, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at $28,557,524.66. The trade was a 1.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 365,064 shares of company stock valued at $13,719,850. Insiders own 20.55% 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.
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