Gabelli Funds LLC Sells 15,482 Shares of IMAX Corporation $IMAX

Gabelli Funds LLC lowered its position in shares of IMAX Corporation (NYSE:IMAX) by 16.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 77,000 shares of the company’s stock after selling 15,482 shares during the quarter. Gabelli Funds LLC’s holdings in IMAX were worth $2,846,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IMAX. AQR Capital Management LLC increased its position in shares of IMAX by 47.9% during the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock valued at $1,485,000 after acquiring an additional 18,238 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of IMAX by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock valued at $672,000 after acquiring an additional 1,091 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of IMAX by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock valued at $4,208,000 after acquiring an additional 11,736 shares in the last quarter. Creative Planning increased its position in shares of IMAX by 84.1% during the second quarter. Creative Planning now owns 16,081 shares of the company’s stock valued at $450,000 after acquiring an additional 7,344 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of IMAX during the second quarter valued at approximately $709,000. Institutional investors own 93.51% of the company’s stock.

IMAX Price Performance

Shares of IMAX stock opened at $33.84 on Friday. IMAX Corporation has a 1-year low of $24.20 and a 1-year high of $43.16. The company’s fifty day simple moving average is $36.80 and its 200-day simple moving average is $36.69. The stock has a market capitalization of $1.86 billion, a PE ratio of 52.06, a P/E/G ratio of 1.21 and a beta of 0.37.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The company had revenue of $81.38 million for the quarter, compared to analysts’ expectations of $79.82 million. During the same quarter in the previous year, the company earned $0.13 EPS. IMAX’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, research analysts anticipate that IMAX Corporation will post 1.34 EPS for the current year.

Insiders Place Their Bets

In related news, insider Kevin Douglas sold 330,200 shares of IMAX stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the transaction, the insider owned 3,657,450 shares in the company, valued at approximately $138,324,759. The trade was a 8.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard L. Gelfond sold 135,046 shares of IMAX stock in a transaction on Friday, April 10th. The shares were sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,932,375.64. This trade represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,054,284 shares of company stock worth $40,062,532. 20.55% of the stock is owned by corporate insiders.

Key IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: IMAX is exploring strategic options, including a possible sale, after reportedly approaching entertainment companies as potential buyers. IMAX is exploring sale, WSJ reports
• Positive Sentiment: CNBC reported IMAX has held preliminary talks through intermediaries with potential buyers, reinforcing takeover speculation. IMAX has held ‘preliminary talks’ with potential buyers, source says
• Positive Sentiment: News that premium theatrical experiences are growing faster than the overall box office supports the appeal of IMAX’s business and could make it more attractive to buyers. IMAX Is Exploring a Sale
• Neutral Sentiment: Several entertainment headlines highlighted upcoming IMAX-exclusive releases, including the “Cliff Booth” film and commentary about major franchises potentially using IMAX screens, which may help keep the brand visible but do not yet change the company’s fundamentals materially.
• Neutral Sentiment: Recent commentary also framed IMAX as a long-term growth name and said the company is expanding despite near-term pressure in China, which is supportive but not the main driver of the stock move today.

Analysts Set New Price Targets

Several brokerages recently weighed in on IMAX. Benchmark raised their price target on shares of IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Barrington Research raised their price target on shares of IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Rosenblatt Securities restated a “buy” rating and issued a $47.00 target price on shares of IMAX in a report on Monday, April 20th. Finally, Seaport Research Partners lifted their price target on shares of IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.89.

IMAX 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.