Robert Lister Sells 22,500 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) VP Robert Lister sold 22,500 shares of the firm’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the transaction, the vice president directly owned 182,375 shares of the company’s stock, valued at $9,406,902.50. The trade was a 10.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

IMAX Stock Up 1.5%

IMAX stock traded up $0.78 during mid-day trading on Friday, hitting $52.13. The company had a trading volume of 1,189,571 shares, compared to its average volume of 1,174,320. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 72.41, a P/E/G ratio of 1.60 and a beta of 0.40. IMAX Corporation has a 12-month low of $30.74 and a 12-month high of $55.57. The company has a 50-day moving average price of $47.29 and a 200 day moving average price of $41.71.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, beating the consensus estimate 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 business’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, analysts expect that IMAX Corporation will post 1.54 EPS for the current year.

Institutional Investors Weigh In On IMAX

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of IMAX during the 2nd quarter valued at approximately $115,881,000. California State Teachers Retirement System lifted its position in IMAX by 3,785.1% in the second quarter. California State Teachers Retirement System now owns 2,104,728 shares of the company’s stock worth $83,894,000 after buying an additional 2,050,554 shares during the last quarter. Orbis Allan Gray Ltd boosted its stake in IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after buying an additional 1,230,267 shares during the period. Westfield Capital Management Co. LP boosted its stake in IMAX by 44.6% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after buying an additional 723,861 shares during the period. Finally, Nantahala Capital Management LLC bought a new position in IMAX during the second quarter valued at $26,228,239. 93.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IMAX has been the subject of several research analyst reports. Wedbush raised their price target on IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Wells Fargo & Company increased their target price on IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Benchmark reissued a “buy” rating on shares of IMAX in a report on Monday, June 22nd. Weiss Ratings upgraded shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $60.00 price target on shares of IMAX in a research note on Friday, May 22nd. Ten analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.45.

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.