IMAX Corporation (NYSE:IMAX – Get Free Report) CEO Richard Gelfond sold 205,504 shares of IMAX stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total value of $10,947,198.08. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $40,751,656.54. This trade represents a 21.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
IMAX Price Performance
Shares of IMAX traded down $0.84 during mid-day trading on Thursday, reaching $52.87. The company’s stock had a trading volume of 1,272,142 shares, compared to its average volume of 1,201,651. IMAX Corporation has a 12-month low of $25.56 and a 12-month high of $54.50. The stock has a market cap of $2.90 billion, a PE ratio of 73.43, a price-to-earnings-growth ratio of 1.67 and a beta of 0.38. The company’s 50 day moving average is $44.22 and its 200 day moving average is $39.93.
IMAX (NYSE:IMAX – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. The firm had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. As a group, sell-side analysts anticipate that IMAX Corporation will post 1.44 EPS for the current fiscal year.
IMAX News Roundup
- Positive Sentiment: “The Odyssey” is a major success for IMAX. The film has surpassed $1.29 billion globally and is being described as IMAX’s biggest release ever. Nearly 20,000 fans attended IMAX screenings at Odeon, while BFI IMAX reportedly named it the venue’s all-time box-office leader. The performance supports strong premium-format demand and IMAX’s revenue outlook. The Odyssey passes $1.29 billion and becomes IMAX’s biggest release ever
- Positive Sentiment: Demand for “Dune: Part Three” is exceptionally strong. Early 70mm IMAX showings are nearly sold out, presales reportedly overwhelmed booking websites, and scarce tickets are being resold at steep prices. This points to robust upcoming attendance, pricing power and continued interest in IMAX’s large-format experience. Early IMAX 70mm Dune showings nearly sell out
- Positive Sentiment: Analyst support remains constructive. Rosenblatt Securities reaffirmed its “buy” rating and set a $60 price target, implying additional upside from the cited market level. Rosenblatt Securities rating
- Neutral Sentiment: Some 70mm venues experienced projector or mechanical issues during “The Odyssey,” highlighting the limited availability and operational complexity of legacy film projection, although these reports appear localized. San Antonio’s 70mm IMAX projector
- Negative Sentiment: The immediate pressure appears more valuation- and momentum-related than fundamental: IMAX trades near its yearly high after a substantial advance, while its high earnings multiple leaves less room for disappointment. Ticket scarcity and scalping also create publicity risks if consumers cannot access screenings.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new stake in IMAX in the third quarter valued at about $27,000. Quarry LP increased its position in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after purchasing an additional 547 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of 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 worth $38,000 after buying an additional 1,109 shares in the last quarter. Torren Management LLC acquired a new stake in shares of IMAX in the 4th quarter valued at approximately $40,000. Finally, Aster Capital Management DIFC Ltd lifted its holdings in shares of IMAX by 863.0% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock valued at $62,000 after buying an additional 1,493 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have issued reports on the stock. Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reiterated a “neutral” rating and set a $42.00 target price on shares of IMAX in a research note on Thursday, July 23rd. JPMorgan Chase & Co. raised their price target on IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 price target on shares of IMAX in a research report on Friday, May 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $60.00 price objective on shares of IMAX in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, IMAX currently has a consensus rating of “Moderate Buy” and an average target price of $51.55.
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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