Manatuck Hill Partners LLC Purchases Shares of 92,300 IMAX Corporation $IMAX

Manatuck Hill Partners LLC purchased a new stake in IMAX Corporation (NYSE:IMAX) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 92,300 shares of the company’s stock, valued at approximately $3,679,000. IMAX accounts for about 1.2% of Manatuck Hill Partners LLC’s portfolio, making the stock its 27th largest position.

Several other large investors have also recently made changes to their positions in the stock. CIBC Private Wealth Group LLC acquired a new stake in IMAX in the 3rd quarter valued at approximately $27,000. Quarry LP lifted its stake in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after purchasing an additional 547 shares in the last quarter. Torren Management LLC purchased a new position in shares of IMAX during the fourth quarter worth $40,000. Caitong International Asset Management Co. Ltd boosted its position in shares of 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 worth $38,000 after buying an additional 1,109 shares during the period. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of IMAX by 863.0% in 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. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Strong demand for premium screenings: “The Odyssey” has reportedly driven IMAX’s best month ever, while sold-out screenings at the Tennessee Aquarium and heavy demand for late-night showings in New York point to robust consumer interest in the format. IMAX Shares Soar To Record High As The Odyssey Fuels Best Month Ever
• Positive Sentiment: Promising upcoming content: “Dune: Part Three” is scheduled for IMAX and 70mm IMAX screenings in December, while “Akira” will return to theaters in IMAX and 4K in September. These releases could support box-office revenue and theater utilization. Dune Part Three IMAX screenings
• Positive Sentiment: Investor visibility: CEO Rich Gelfond is scheduled to speak at upcoming Bank of America and Goldman Sachs investor conferences, giving management an opportunity to discuss demand, installations and growth prospects. IMAX to Present at Upcoming Institutional Investor Conferences
• Neutral Sentiment: Record-high momentum: Coverage attributes IMAX’s recent rally to “The Odyssey,” rising theater installations and enthusiasm for immersive cinema. However, the stock’s price-to-earnings ratio above 75 indicates that substantial future growth may already be reflected in the shares. Why IMAX Stock Climbed to a New All-Time High
• Negative Sentiment: One screen is being removed: AMC Kips Bay 15 is expected to close by year-end, taking an IMAX screen out of a major New York market. The impact appears limited, but it highlights IMAX’s dependence on theater partners. AMC Kips Bay 15 Closing
• Negative Sentiment: Insider selling: IMAX’s chief technology officer sold 15,000 shares for approximately $786,000, reducing his direct stake by 26%. The sale may weigh modestly on sentiment, although it does not necessarily signal deteriorating fundamentals. IMAX CTO Share Sale

IMAX Trading Down 1.4%

IMAX stock opened at $54.03 on Wednesday. The company has a fifty day simple moving average of $45.11 and a 200-day simple moving average of $40.45. The stock has a market cap of $2.96 billion, a P/E ratio of 75.04, a price-to-earnings-growth ratio of 1.75 and a beta of 0.38. IMAX Corporation has a 12-month low of $27.51 and a 12-month high of $55.57.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The firm had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. IMAX’s revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, sell-side analysts forecast that IMAX Corporation will post 1.49 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IMAX has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating on shares of IMAX in a report on Friday, July 24th. JPMorgan Chase & Co. lifted their target price on IMAX from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Rosenblatt Securities reiterated a “buy” rating and set a $60.00 price target on shares of IMAX in a research note on Wednesday, August 19th. Barrington Research boosted 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, Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday. Ten research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.36.

Insider Activity

In other news, CEO Richard L. Gelfond sold 205,504 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total value of $10,947,198.08. Following the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $40,751,656.54. This represents a 21.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 456,757 shares of company stock worth $23,984,101. Corporate insiders own 20.55% of the company’s stock.

IMAX 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.