Polar Asset Management Partners Inc. Invests $3.23 Million in IMAX Corporation $IMAX

Polar Asset Management Partners Inc. bought a new position in IMAX Corporation (NYSE:IMAX) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 98,544 shares of the company’s stock, valued at approximately $3,227,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new stake in IMAX during the third quarter valued at about $27,000. TD Waterhouse Canada Inc. raised its stake in shares of IMAX by 125.0% in the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after buying an additional 500 shares during the period. Jones Financial Companies Lllp lifted its position in shares of 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 buying an additional 317 shares in the last quarter. First Horizon Corp purchased a new position in shares of IMAX during the 3rd quarter valued at about $34,000. Finally, Clearstead Advisors LLC bought a new position in shares of IMAX during the 3rd quarter valued at approximately $35,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Price Performance

IMAX stock opened at $36.62 on Friday. IMAX Corporation has a 1 year low of $20.48 and a 1 year high of $43.16. The firm’s 50 day moving average price is $37.25 and its 200-day moving average price is $35.23. The stock has a market cap of $1.98 billion, a P/E ratio of 59.06, a PEG ratio of 1.76 and a beta of 0.33.

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

Insider Buying and Selling at IMAX

In other news, CEO Richard L. Gelfond sold 121,220 shares of IMAX stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total value 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. The trade was a 13.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the sale, the insider owned 3,657,450 shares in the company, valued at $138,324,759. This represents a 8.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 689,220 shares of company stock worth $26,342,682. Corporate insiders own 23.18% of the company’s stock.

Wall Street Analysts Forecast Growth

IMAX has been the subject of several analyst reports. Barrington Research reissued an “outperform” rating and issued a $42.00 target price on shares of IMAX in a report on Monday, January 26th. Wall Street Zen lowered shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. B. Riley Financial reissued a “buy” rating on shares of IMAX in a research note on Monday, December 8th. Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. Finally, Rosenblatt Securities reiterated 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. According to MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and a consensus target price of $43.70.

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.