IMAX (NYSE:IMAX) Trading Down 5.8% – Here’s What Happened

IMAX Corporation (NYSE:IMAX) shares traded down 5.8% on Monday . The stock traded as low as $37.69 and last traded at $37.5570. Approximately 539,507 shares traded hands during trading, a decline of 52% from the average daily volume of 1,115,587 shares. The stock had previously closed at $39.88.

Analyst Ratings Changes

IMAX has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their target price on IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Wedbush reissued an “outperform” rating and issued a $46.00 price target on shares of IMAX in a report on Thursday, April 23rd. Weiss Ratings lowered IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 23rd. Benchmark restated a “buy” rating on shares of IMAX in a research note on Monday, June 22nd. Finally, Barrington Research increased their target price on IMAX from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.00.

IMAX Stock Down 5.7%

The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 57.69, a P/E/G ratio of 1.41 and a beta of 0.37. The company has a 50-day moving average price of $38.94 and a 200-day moving average price of $37.85.

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

Insider Buying and Selling at IMAX

In related news, CEO Richard L. Gelfond sold 8,943 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 340,040 shares of company stock worth $12,715,513 in the last quarter. 20.55% of the stock is owned by insiders.

Institutional Trading of IMAX

A number of institutional investors have recently made changes to their positions in IMAX. Militia Capital Management LLC acquired a new position in shares of IMAX during the first quarter valued at approximately $1,634,000. Janus Henderson Group PLC lifted its position in IMAX by 10.0% in the first quarter. Janus Henderson Group PLC now owns 261,059 shares of the company’s stock worth $9,924,000 after purchasing an additional 23,665 shares during the period. Amundi lifted its position in IMAX by 61.0% in the first quarter. Amundi now owns 9,286 shares of the company’s stock worth $353,000 after purchasing an additional 3,519 shares during the period. California State Teachers Retirement System boosted its stake in IMAX by 31.2% during the 1st quarter. California State Teachers Retirement System now owns 54,174 shares of the company’s stock valued at $2,059,000 after purchasing an additional 12,898 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in IMAX by 126.5% during the 1st quarter. Royal Bank of Canada now owns 75,777 shares of the company’s stock valued at $2,880,000 after purchasing an additional 362,021 shares in the last quarter. 93.51% of the stock is 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.