Richard Gelfond Sells 8,943 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 8,943 shares of IMAX stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $37.33, for a total value of $333,842.19. Following the transaction, the chief executive officer owned 765,002 shares of the company’s stock, valued at $28,557,524.66. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Price Performance

Shares of IMAX stock opened at $37.28 on Thursday. IMAX Corporation has a 1 year low of $22.54 and a 1 year high of $43.16. The company has a market capitalization of $2.05 billion, a P/E ratio of 60.13, a P/E/G ratio of 1.67 and a beta of 0.41. The business has a 50 day moving average price of $38.21 and a 200 day moving average price of $36.41.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.15. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The firm had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. During the same period in the previous year, the firm posted $0.27 EPS. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. As a group, research analysts expect that IMAX Corporation will post 1.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

IMAX has been the subject of several research reports. Weiss Ratings downgraded IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. The Goldman Sachs Group lifted their price objective on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Wedbush restated an “outperform” rating and set a $46.00 price objective on shares of IMAX in a research report on Thursday, April 23rd. Wall Street Zen downgraded IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Finally, Rosenblatt Securities restated a “buy” rating and set a $47.00 price objective on shares of IMAX in a research report on Monday, April 20th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, IMAX has a consensus rating of “Moderate Buy” and an average price target of $43.70.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP acquired a new position in IMAX in the 3rd quarter valued at $20,975,000. Principal Financial Group Inc. raised its holdings in IMAX by 67.8% in the 3rd quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock valued at $2,323,000 after acquiring an additional 28,667 shares during the last quarter. Citigroup Inc. raised its holdings in IMAX by 267.7% in the 3rd quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock valued at $2,187,000 after acquiring an additional 48,609 shares during the last quarter. Zhang Financial LLC acquired a new position in IMAX during the third quarter worth approximately $903,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in IMAX during the third quarter worth approximately $4,893,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.