Key Points
- CEO Richard Gelfond sold 151,253 IMAX shares at an average price of $51, generating approximately $7.7 million. The transaction was executed under a pre-arranged Rule 10b5-1 plan, and he retained 765,002 shares.
- IMAX reported stronger-than-expected quarterly results, with EPS of $0.43 versus the $0.30 consensus and revenue of $102.84 million, up 12.2% year over year.
- Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $51.55, although the stock’s elevated valuation and recent insider selling could weigh on sentiment.
IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 100,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 665,002 shares of the company's stock, valued at approximately $35,398,056.46. The trade was a 13.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
IMAX Stock Performance
IMAX stock opened at $52.87 on Friday. IMAX Corporation has a 52 week low of $25.56 and a 52 week high of $54.50. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 73.43, a P/E/G ratio of 1.77 and a beta of 0.38. The company has a 50 day moving average price of $44.44 and a 200 day moving average price of $40.06.
IMAX (NYSE:IMAX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company's revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 EPS. Equities analysts forecast that IMAX Corporation will post 1.44 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the business. CIBC Private Wealth Group LLC acquired a new stake in shares of IMAX in the 3rd quarter valued at $27,000. Quarry LP increased its position in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after buying an additional 547 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock valued at $38,000 after buying an additional 1,109 shares in the last quarter. Torren Management LLC bought a new position in IMAX during the fourth quarter valued at about $40,000. Finally, Aster Capital Management DIFC Ltd raised its holdings in IMAX by 863.0% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company's stock valued at $62,000 after buying an additional 1,493 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Wedbush increased their target price on shares of IMAX from $46.00 to $54.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Benchmark restated a "buy" rating on shares of IMAX in a report on Monday, June 22nd. Roth Capital upped their price target on shares of IMAX from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Barrington Research upped their price target on shares of IMAX from $46.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Finally, Wells Fargo & Company lifted their price objective on IMAX from $41.00 to $45.00 and gave the company an "equal weight" rating in a research report on Friday, July 24th. Ten 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 a consensus rating of "Moderate Buy" and an average price target of $51.55.
Get Our Latest Stock Analysis on IMAX
IMAX News Roundup
Here are the key news stories impacting IMAX this week:
- Positive Sentiment: Rosenblatt Securities reaffirmed its Buy rating and set a $60 price target, implying further upside from recent trading levels. Benzinga analyst rating report
- Positive Sentiment: The Odyssey has surpassed $1.29 billion globally and is being described as IMAX’s biggest release ever, reinforcing the value of the company’s premium large-format screens and supporting potential box-office and licensing revenue. The Odyssey becomes IMAX’s biggest release
- Positive Sentiment: Demand for Dune: Part Three appears exceptionally strong, with IMAX 70mm screenings selling out or nearly selling out, booking websites reportedly facing heavy traffic, and tickets being resold at substantial markups. This suggests strong near-term attendance and premium-format demand. Early Dune IMAX 70mm showings nearly sell out
- Neutral Sentiment: CEO Richard L. Gelfond sold a combined 456,757 IMAX shares from August 18–20 for approximately $24.0 million. All three transactions were executed under a pre-arranged Rule 10b5-1 plan, reducing the likelihood that the sales reflect a newly negative view of the business, although they may weigh on sentiment after the stock’s strong rally. He continues to own 665,002 shares. SEC insider trading filing
- Negative Sentiment: The concentrated CEO selling is the clearest near-term bearish catalyst, particularly with IMAX trading near its 12-month high and at an elevated earnings multiple. Investors may interpret the sales as profit-taking and a source of additional supply even though they were preplanned.
IMAX Company Profile
(
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
