Divisadero Street Capital Management LP Purchases Shares of 640,461 IMAX Corporation $IMAX

Divisadero Street Capital Management LP acquired a new position in shares of IMAX Corporation (NYSE:IMAX) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 640,461 shares of the company’s stock, valued at approximately $20,975,000. IMAX accounts for 0.9% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of IMAX. Orbis Allan Gray Ltd raised its position in shares of IMAX by 31.7% in 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 during the period. Westfield Capital Management Co. LP bought a new stake in shares of IMAX during the 3rd quarter worth about $53,141,000. Nantahala Capital Management LLC grew its stake in IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after buying an additional 225,742 shares during the last quarter. Victory Capital Management Inc. grew its stake in IMAX by 0.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock valued at $35,501,000 after buying an additional 3,494 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in IMAX by 10.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock valued at $28,788,000 after acquiring an additional 101,048 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on IMAX shares. Rosenblatt Securities restated a “buy” rating and set a $47.00 price objective on shares of IMAX in a research report on Tuesday, February 24th. Macquarie Infrastructure increased their target price on IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. The Goldman Sachs Group lifted their price target on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. B. Riley Financial restated a “buy” rating on shares of IMAX in a research note on Monday, December 8th. Finally, Wedbush reiterated an “outperform” rating and set a $46.00 price objective on shares of IMAX in a research report on Monday, February 23rd. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average target price of $43.70.

IMAX Trading Down 0.6%

NYSE IMAX opened at $38.09 on Monday. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 61.43, a PEG ratio of 1.80 and a beta of 0.33. The company has a 50 day moving average of $37.01 and a 200-day moving average of $35.06. IMAX Corporation has a 1-year low of $20.48 and a 1-year high of $43.16.

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

Insider Activity

In related news, CEO Richard L. Gelfond sold 121,220 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $30,676,580.20. This trade represents a 13.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 24.08% 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.