IMAX Co. (NYSE:IMAX) Sees Large Decline in Short Interest


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IMAX Co. (NYSE:IMAX) saw a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 2,810,000 shares, a decrease of 17.1% from the March 31st total of 3,390,000 shares. Based on an average daily volume of 1,060,000 shares, the short-interest ratio is presently 2.7 days. Approximately 5.7% of the shares of the stock are sold short.

A number of research analysts have weighed in on IMAX shares. Benchmark increased their price target on IMAX from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, March 5th. Macquarie increased their target price on IMAX from $25.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday. Zacks Investment Research raised IMAX from a “sell” rating to a “hold” rating and set a $22.00 price target for the company in a research report on Monday. The Goldman Sachs Group downgraded IMAX from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $15.60 to $17.90 in a report on Monday, January 25th. Finally, Wedbush upgraded IMAX from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $22.00 to $26.00 in a report on Thursday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. IMAX currently has an average rating of “Buy” and a consensus target price of $23.82.

Shares of NYSE:IMAX traded down $0.15 during mid-day trading on Tuesday, hitting $21.18. 604,555 shares of the company traded hands, compared to its average volume of 991,761. The firm’s 50 day simple moving average is $21.17 and its 200 day simple moving average is $17.96. The firm has a market cap of $1.26 billion, a P/E ratio of -11.97 and a beta of 1.85. IMAX has a 52-week low of $10.31 and a 52-week high of $25.05.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, April 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. IMAX had a negative net margin of 50.83% and a negative return on equity of 18.06%. On average, equities analysts expect that IMAX will post -2.22 earnings per share for the current fiscal year.

In other news, insider Mark Welton sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 11th. The shares were sold at an average price of $22.69, for a total transaction of $113,450.00. Following the completion of the transaction, the insider now directly owns 41,475 shares of the company’s stock, valued at approximately $941,067.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Denny Tu sold 2,000 shares of IMAX stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $22.86, for a total value of $45,720.00. Following the transaction, the chief marketing officer now owns 2,418 shares of the company’s stock, valued at $55,275.48. The disclosure for this sale can be found here. Insiders sold 8,559 shares of company stock worth $195,464 in the last three months. 23.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its position in IMAX by 57.5% in the 4th quarter. US Bancorp DE now owns 2,163 shares of the company’s stock valued at $39,000 after buying an additional 790 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in IMAX by 4.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 28,743 shares of the company’s stock valued at $518,000 after purchasing an additional 1,120 shares during the last quarter. BCJ Capital Management LLC grew its stake in IMAX by 14.8% during the 4th quarter. BCJ Capital Management LLC now owns 16,295 shares of the company’s stock valued at $294,000 after purchasing an additional 2,102 shares in the last quarter. TRUE Private Wealth Advisors purchased a new stake in IMAX during the 4th quarter worth approximately $42,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of IMAX by 36.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,775 shares of the company’s stock valued at $176,000 after purchasing an additional 2,622 shares in the last quarter. 63.39% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Company Profile

IMAX Corp. is an entertainment technology company, which engages in the business of motion picture technologies and presentations. It operates through following four business segments: IMAX Technology Network; IMAX Technology Sales and Maintenance; New Business Initiatives; and Film Distribution and Post-Production.

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