56,698 Shares of IMAX Corporation $IMAX Acquired by Sowell Financial Services LLC

Sowell Financial Services LLC purchased a new stake in IMAX Corporation (NYSE:IMAX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 56,698 shares of the company’s stock, valued at approximately $3,107,000. Sowell Financial Services LLC owned about 0.10% of IMAX as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in IMAX during the second quarter worth approximately $115,881,000. Dimensional Fund Advisors LP boosted its holdings in shares of IMAX by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock worth $47,026,000 after acquiring an additional 23,401 shares during the period. Wellington Management Group LLP grew its position in shares of IMAX by 51.8% in the second quarter. Wellington Management Group LLP now owns 800,193 shares of the company’s stock valued at $31,896,000 after purchasing an additional 273,122 shares during the last quarter. Nantahala Capital Management LLC acquired a new position in shares of IMAX in the second quarter valued at approximately $26,228,239. Finally, Bank of America Corp DE bought a new position in shares of IMAX during the second quarter worth approximately $17,420,000. 93.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley started coverage on IMAX in a report on Thursday, September 24th. They set an “overweight” rating and a $63.00 price target for the company. UBS Group set a $65.00 price target on IMAX in a research note on Wednesday, October 7th. The Goldman Sachs Group upped their price objective on IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, September 4th. Roth Capital increased their price objective on IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Finally, HC Wainwright reiterated a “buy” rating on shares of IMAX in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, IMAX currently has an average rating of “Moderate Buy” and an average price target of $57.38.

Insider Buying and Selling

In other IMAX news, CEO Richard L. Gelfond sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the transaction, the chief executive officer owned 665,002 shares in the company, valued at $35,398,056.46. This trade represents a 13.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Weissman sold 8,000 shares of IMAX stock in a transaction 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 $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. In the last ninety days, insiders have sold 507,257 shares of company stock valued at $26,673,571. 20.55% of the stock is currently owned by corporate insiders.

IMAX Stock Up 1.3%

NYSE IMAX opened at $53.10 on Thursday. The company has a market capitalization of $2.91 billion, a P/E ratio of 73.75, a P/E/G ratio of 1.43 and a beta of 0.49. IMAX Corporation has a 12-month low of $31.27 and a 12-month high of $57.73. The firm has a 50-day moving average price of $52.59 and a two-hundred day moving average price of $44.55.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate 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 period last year, the firm earned $0.26 earnings per share. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts expect that IMAX Corporation will post 1.75 EPS for the current year.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Strong demand for major releases: Dune: Part Three sold 33,000 tickets in a single day at London’s BFI IMAX, reportedly setting a venue record. The result supports expectations for strong premium-format attendance and box-office revenue from upcoming blockbuster releases. Dune: Part Three smashes BFI IMAX record
• Positive Sentiment: More premium-screen opportunities: A potential new IMAX screen in Hyderabad would expand the company’s international theater network and increase its access to India’s growing cinema market. The report follows the opening or planned development of another local premium venue. Another IMAX screen coming to Hyderabad
• Positive Sentiment: Additional content and upgraded venues: The Indiana State Museum’s upgraded IMAX theater is hosting a revival festival featuring films including Blade Runner 2049, Apocalypse Now and La La Land. Separately, Christopher Nolan’s The Prestige is scheduled for an IMAX and 70mm 20th-anniversary re-release in January. These events can help fill screens with higher-value specialty programming between new theatrical releases. Indiana State Museum IMAX revival festival The Prestige 20th anniversary IMAX re-release
• Neutral Sentiment: Upcoming earnings expectations: Zacks says IMAX has a strong history of exceeding estimates and currently has factors supporting another potential earnings beat. However, this is an analyst-oriented forecast rather than a new company earnings announcement, so the stock may remain sensitive to the actual results and guidance. Will IMAX beat estimates again

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is a global entertainment technology company that specializes in premium large-format cinema experiences. The company designs and supplies specialized theater systems that combine large screens, high-resolution projection, advanced sound, and immersive theater design to present feature films, documentaries, live events, and other content.

IMAX supports its theater partners with projection and sound equipment, theater design and installation services, and technology and maintenance support.