IMAX (NYSE:IMAX) CEO Richard Gelfond Sells 6,924 Shares

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 6,924 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $37.07, for a total value of $256,672.68. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,358,624.14. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Up 0.5%

Shares of IMAX traded up $0.20 during trading on Wednesday, reaching $37.03. The company’s stock had a trading volume of 728,682 shares, compared to its average volume of 1,081,014. The company has a fifty day moving average of $38.22 and a two-hundred day moving average of $36.13. IMAX Corporation has a twelve month low of $21.49 and a twelve month high of $43.16. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 59.72, a P/E/G ratio of 1.68 and a beta of 0.41.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.15. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The business 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 business earned $0.27 EPS. The business’s quarterly revenue was up 35.1% on a year-over-year basis. As a group, equities analysts forecast that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IMAX shares. JPMorgan Chase & Co. boosted their price target on IMAX from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $47.00 price target on shares of IMAX in a report on Tuesday, February 24th. Barrington Research reiterated an “outperform” rating and issued a $42.00 price target on shares of IMAX in a report on Monday, January 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of IMAX in a report on Monday, December 29th. Finally, Wedbush reiterated an “outperform” rating and issued a $46.00 price target on shares of IMAX in a report on Monday, February 23rd. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average price target of $43.70.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd grew its stake in IMAX by 159.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock worth $111,000 after buying an additional 1,849 shares during the last quarter. Sit Investment Associates Inc. grew its stake in IMAX by 184.9% during the 4th quarter. Sit Investment Associates Inc. now owns 50,350 shares of the company’s stock worth $1,861,000 after buying an additional 32,675 shares during the last quarter. Virtu Financial LLC bought a new position in IMAX during the 4th quarter worth $493,000. Wellington Management Group LLP grew its stake in IMAX by 41.7% during the 4th quarter. Wellington Management Group LLP now owns 839,303 shares of the company’s stock worth $31,021,000 after buying an additional 247,009 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in IMAX during the 4th quarter worth $709,000. 93.51% of the stock is currently owned by institutional investors.

About IMAX

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.