Key Points
- CEO Richard Gelfond sold 121,220 shares at an average price of $40.10 for about $4.86 million, reducing his stake by 13.68% to 765,002 shares (≈$30.68M).
- IMAX beat expectations for the quarter, reporting $0.58 EPS versus $0.43 expected and revenue of $125.21M (up 35.1% year-over-year and above the $120.3M estimate).
- Analyst sentiment is broadly positive (10 Buys, 1 Hold) with a consensus price target of $43.70; the stock trades around $38.06 with a market cap of $2.05 billion and a PE of 61.4.
IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 121,220 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total transaction of $4,860,922.00. Following the completion of the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $30,676,580.20. The trade was a 13.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
IMAX Stock Down 0.7%
NYSE:IMAX traded down $0.26 during mid-day trading on Friday, hitting $38.06. 160,545 shares of the stock traded hands, compared to its average volume of 1,108,060. The business's 50-day moving average price is $36.97 and its 200 day moving average price is $34.89. The company has a market cap of $2.05 billion, a PE ratio of 61.40, a price-to-earnings-growth ratio of 1.88 and a beta of 0.33. IMAX Corporation has a 12-month low of $20.48 and a 12-month high of $43.16.
IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results 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 net margin of 8.50% and a return on equity of 13.53%. The business had revenue of $125.21 million for the quarter, compared to analysts' expectations of $120.30 million. During the same period in the prior year, the company posted $0.27 EPS. The business's revenue for the quarter was up 35.1% compared to the same quarter last year. Analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.
Hedge Funds Weigh In On IMAX
A number of large investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in IMAX by 47.9% in the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company's stock worth $1,485,000 after buying an additional 18,238 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of IMAX by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company's stock valued at $672,000 after buying an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of IMAX by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company's stock worth $4,208,000 after buying an additional 11,736 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of IMAX by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 267,331 shares of the company's stock valued at $7,475,000 after acquiring an additional 2,343 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in IMAX during the 2nd quarter valued at about $1,069,000. 93.51% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
IMAX has been the subject of several research analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $47.00 price objective on shares of IMAX in a research note on Tuesday, February 24th. The Goldman Sachs Group upped their target price on IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. JPMorgan Chase & Co. lifted their price target on IMAX from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, February 26th. Wells Fargo & Company boosted their price objective on IMAX from $40.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, December 18th. Finally, Wedbush restated an "outperform" rating and issued a $46.00 price objective on shares of IMAX in a research report on Monday, February 23rd. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.70.
Check Out Our Latest Analysis on IMAX
About IMAX
(
Get Free Report)
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.
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