Wellington Management Group LLP Buys 273,122 Shares of IMAX Corporation $IMAX

Wellington Management Group LLP raised its stake in shares of IMAX Corporation (NYSE:IMAX) by 51.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 800,193 shares of the company’s stock after acquiring an additional 273,122 shares during the period. Wellington Management Group LLP’s holdings in IMAX were worth $31,896,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of IMAX in the second quarter valued at about $115,881,000. Orbis Allan Gray Ltd grew its position in IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after purchasing an additional 1,230,267 shares in the last quarter. Westfield Capital Management Co. LP grew its position in IMAX by 44.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after purchasing an additional 723,861 shares in the last quarter. Nantahala Capital Management LLC purchased a new stake in IMAX in the 2nd quarter valued at about $26,228,239. Finally, Marsico Capital Management LLC purchased a new stake in IMAX in the 4th quarter valued at about $18,149,000. Institutional investors own 93.51% of the company’s stock.

Analyst Ratings Changes

IMAX has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 target price on shares of IMAX in a research note on Friday, May 22nd. Wedbush increased their price target on IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Rosenblatt Securities reiterated a “buy” rating and set a $60.00 price target on shares of IMAX in a report on Wednesday, August 19th. Roth Capital boosted their price objective on IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Company upped their price objective on IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, July 24th. Ten investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

IMAX Stock Down 0.4%

IMAX stock opened at $51.72 on Friday. The firm has a 50 day moving average price of $46.36 and a 200-day moving average price of $41.27. IMAX Corporation has a twelve month low of $28.93 and a twelve month high of $55.57. The company has a market capitalization of $2.84 billion, a P/E ratio of 71.83, a P/E/G ratio of 1.66 and a beta of 0.40.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company had revenue of $102.84 million for the quarter, compared to analysts’ expectations of $96.09 million. During the same quarter in the previous year, the firm posted $0.26 EPS. IMAX’s revenue was up 12.2% on a year-over-year basis. Equities analysts expect that IMAX Corporation will post 1.49 EPS for the current fiscal year.

More IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey’s IMAX 70mm engagement has been extended through the end of September, indicating sustained demand for premium-format screenings and potentially supporting IMAX’s box-office revenue. The Odyssey Is Extending Its IMAX 70MM Run Once Again Through the End of September
• Positive Sentiment: Multiple reports say The Odyssey’s ticket sales have surpassed $450 million, and theaters are extending its IMAX 70mm run. The result reinforces the commercial appeal of blockbuster films released in IMAX and could improve near-term exhibitor and technology revenue. The Odyssey extends Imax 70mm run, ticket sales surpass $450 million
• Neutral Sentiment: Coverage of Steph Curry’s basketball project involving 20 IMAX cameras highlights IMAX’s ability to attract sports and event-content partnerships, although the immediate financial impact is unclear. Steph Curry IMAX cameras feature
• Negative Sentiment: Goldman Sachs raised its IMAX price target from $42 to $50 but maintained a Neutral rating. The new target remains about 3.3% below the reported $51.72 share price, suggesting Goldman believes much of the expected upside is already reflected. With IMAX trading at a high earnings multiple, the valuation signal may weigh on the stock despite the target increase.

Insiders Place Their Bets

In other IMAX news, CFO Natasha Fernandes sold 20,000 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $54.63, for a total value of $1,092,600.00. Following the sale, the chief financial officer directly owned 35,596 shares in the company, valued at $1,944,609.48. The trade was a 35.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard Gelfond sold 100,000 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $53.23, for a total value of $5,323,000.00. Following the transaction, the chief executive officer directly owned 665,002 shares in the company, valued at $35,398,056.46. This represents a 13.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 484,757 shares of company stock valued at $25,513,021 over the last ninety days. 20.55% of the stock is currently owned by insiders.

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.