1492 Capital Management LLC Has $6.01 Million Stock Holdings in IMAX Corporation $IMAX

1492 Capital Management LLC reduced its position in shares of IMAX Corporation (NYSE:IMAX) by 25.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 162,516 shares of the company’s stock after selling 54,824 shares during the period. IMAX comprises about 2.3% of 1492 Capital Management LLC’s investment portfolio, making the stock its 10th biggest holding. 1492 Capital Management LLC’s holdings in IMAX were worth $6,007,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IMAX. Divisadero Street Capital Management LP purchased a new stake in shares of IMAX in the third quarter valued at $20,975,000. Principal Financial Group Inc. lifted its holdings in shares of IMAX by 67.8% in the third quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock valued at $2,323,000 after purchasing an additional 28,667 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of IMAX by 267.7% in the third quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock valued at $2,187,000 after purchasing an additional 48,609 shares in the last quarter. Hedges Asset Management LLC purchased a new stake in shares of IMAX in the fourth quarter valued at $2,088,000. Finally, Zhang Financial LLC purchased a new stake in shares of IMAX in the third quarter valued at $903,000. 93.51% of the stock is owned by institutional investors.

IMAX Trading Down 3.5%

IMAX opened at $39.08 on Thursday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 60.12, a PEG ratio of 1.43 and a beta of 0.37. IMAX Corporation has a 1 year low of $24.20 and a 1 year high of $43.16. The stock has a fifty day moving average price of $37.07 and a 200 day moving average price of $37.02.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The company had revenue of $81.38 million during the quarter, compared to analysts’ expectations of $79.82 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that IMAX Corporation will post 1.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. 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. Benchmark increased their target price on shares of IMAX from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Seaport Research Partners increased their target price on shares of IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $47.00 price target on shares of IMAX in a research note on Monday, April 20th. Finally, Weiss Ratings cut IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, May 22nd. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $48.00.

Insider Transactions at IMAX

In other news, insider Kevin Douglas sold 330,200 shares of IMAX stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.82, for a total value of $12,488,164.00. Following the transaction, the insider directly owned 3,657,450 shares in the company, valued at approximately $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Richard L. Gelfond sold 135,046 shares of IMAX stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $37.82, for a total value of $5,107,439.72. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,054,284 shares of company stock worth $40,062,532 over the last quarter. 20.55% of the stock is currently owned by corporate insiders.

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.