Richard Gelfond Sells 12,987 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 12,987 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $40.26, for a total transaction of $522,856.62. Following the completion of the sale, the chief executive officer owned 765,002 shares in the company, valued at $30,798,980.52. The trade was a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Trading Down 2.0%

IMAX stock traded down $0.81 on Monday, hitting $39.32. 1,087,503 shares of the company’s stock traded hands, compared to its average volume of 1,104,984. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 63.42, a P/E/G ratio of 1.89 and a beta of 0.41. IMAX Corporation has a 1-year low of $20.48 and a 1-year high of $43.16. The stock has a fifty day moving average of $37.78 and a 200-day moving average of $35.86.

IMAX (NYSE:IMAX) last posted its quarterly earnings results 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. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The company had revenue of $125.21 million for the quarter, compared to analysts’ expectations of $120.30 million. During the same quarter in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 35.1% on a year-over-year basis. On average, equities research analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Benchmark upped their target price on IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Wall Street Zen downgraded IMAX from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 28th. The Goldman Sachs Group upped their price objective on shares of IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Macquarie Infrastructure raised their target price on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. Finally, Wells Fargo & Company lifted their target price on shares of IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Divisadero Street Capital Management LP acquired a new stake in IMAX during the 3rd quarter worth about $20,975,000. Principal Financial Group Inc. increased its holdings in shares of IMAX by 67.8% in the 3rd quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock valued at $2,323,000 after purchasing an additional 28,667 shares during the period. Citigroup Inc. increased its holdings in shares of IMAX by 267.7% in the 3rd quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock valued at $2,187,000 after purchasing an additional 48,609 shares during the period. Zhang Financial LLC purchased a new stake in shares of IMAX in the third quarter worth approximately $903,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of IMAX during the third quarter worth approximately $4,893,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.