IMAX (NYSE:IMAX) CEO Sells $4,860,922.00 in Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 121,220 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total transaction of $4,860,922.00. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $30,676,580.20. This trade represents a 13.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

IMAX Stock Performance

Shares of NYSE IMAX traded down $1.55 during trading hours on Thursday, hitting $38.26. 1,000,051 shares of the stock were exchanged, compared to its average volume of 1,128,407. The company’s fifty day simple moving average is $36.94 and its two-hundred day simple moving average is $34.87. The company has a market cap of $2.07 billion, a PE ratio of 61.70, a price-to-earnings-growth ratio of 1.87 and a beta of 0.33. IMAX Corporation has a 1-year low of $20.48 and a 1-year high of $43.16.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The business had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. During the same period in the previous year, the business earned $0.27 earnings per share. The company’s revenue was up 35.1% on a year-over-year basis. As a group, sell-side analysts expect that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On IMAX

Hedge funds have recently modified their holdings of the company. Westfield Capital Management Co. LP bought a new stake in IMAX during the 3rd quarter worth $53,141,000. Orbis Allan Gray Ltd boosted its stake in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after purchasing an additional 1,230,267 shares in the last quarter. Divisadero Street Capital Management LP acquired a new stake in shares of IMAX during the third quarter valued at about $20,975,000. Marsico Capital Management LLC bought a new stake in shares of IMAX during the fourth quarter worth about $18,149,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of IMAX during the second quarter worth about $12,568,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

Analyst Ratings Changes

IMAX has been the subject of several recent analyst reports. Wall Street Zen downgraded IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Wedbush reiterated an “outperform” rating and issued a $46.00 target price on shares of IMAX in a research report on Monday, February 23rd. Barrington Research reissued an “outperform” rating and set a $42.00 target price on shares of IMAX in a research note on Monday, January 26th. Benchmark increased their target price on shares of IMAX from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $47.00 price target on shares of IMAX in a research note on Tuesday, February 24th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.