The Manufacturers Life Insurance Company Invests $446,000 in IMAX Corporation $IMAX

The Manufacturers Life Insurance Company bought a new position in IMAX Corporation (NYSE:IMAX) during the second quarter, according to its most recent filing with the SEC. The firm bought 11,178 shares of the company’s stock, valued at approximately $446,000.

Other hedge funds have also bought and sold shares of the company. CIBC Private Wealth Group LLC acquired a new position in IMAX during the third quarter worth $27,000. Quarry LP lifted its stake in shares of IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after buying an additional 547 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after buying an additional 1,109 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of IMAX by 863.0% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock worth $62,000 after acquiring an additional 1,493 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in shares of IMAX during the fourth quarter worth about $74,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on IMAX shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 target price on shares of IMAX in a report on Friday, May 22nd. Seaport Research Partners reiterated a “buy” rating and set a $50.00 price target on shares of IMAX in a research note on Wednesday, June 24th. Wells Fargo & Company boosted their price objective on IMAX from $41.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Finally, Roth Capital raised their target price on IMAX from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Transactions at IMAX

In other news, CEO Richard Gelfond sold 205,504 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total value of $10,947,198.08. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $40,751,656.54. This represents a 21.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Weissman sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total value of $436,320.00. Following the completion of the transaction, the insider directly owned 28,205 shares of the company’s stock, valued at approximately $1,538,300.70. This represents a 22.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 484,757 shares of company stock worth $25,513,021 in the last 90 days. Insiders own 20.55% of the company’s stock.

IMAX Price Performance

IMAX opened at $51.72 on Tuesday. IMAX Corporation has a fifty-two week low of $28.93 and a fifty-two week high of $55.57. The firm has a market capitalization of $2.84 billion, a P/E ratio of 71.83, a PEG ratio of 1.60 and a beta of 0.40. The company’s 50-day moving average is $46.59 and its 200 day moving average is $41.41.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. The business had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. On average, equities research analysts expect that IMAX Corporation will post 1.53 earnings per share for the current year.

About IMAX

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.