56,698 Shares of IMAX Corporation $IMAX Bought by Sowell Financial Services LLC

Sowell Financial Services LLC acquired a new position in shares of IMAX Corporation (NYSE:IMAX) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 56,698 shares of the company’s stock, valued at approximately $3,107,000.

Several other hedge funds have also recently bought and sold shares of IMAX. Triumph Capital Management raised its position in shares of IMAX by 3.0% in the 2nd quarter. Triumph Capital Management now owns 17,295 shares of the company’s stock valued at $689,000 after buying an additional 504 shares in the last quarter. State of Wyoming boosted its position in shares of IMAX by 7.6% during the 1st quarter. State of Wyoming now owns 7,910 shares of the company’s stock worth $301,000 after acquiring an additional 562 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of IMAX by 5.4% during the 1st quarter. Quantinno Capital Management LP now owns 18,844 shares of the company’s stock worth $716,000 after acquiring an additional 957 shares in the last quarter. Global Retirement Partners LLC bought a new position in IMAX in the second quarter valued at approximately $85,000. Finally, City Center Advisors LLC increased its stake in IMAX by 35.6% in the third quarter. City Center Advisors LLC now owns 8,723 shares of the company’s stock valued at $478,000 after acquiring an additional 2,292 shares during the last quarter. 93.51% of the stock is owned by institutional investors.

More IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Strong demand for major releases: Dune: Part Three sold 33,000 tickets in a single day at London’s BFI IMAX, reportedly setting a venue record. The result supports expectations for strong premium-format attendance and box-office revenue from upcoming blockbuster releases. Dune: Part Three smashes BFI IMAX record
• Positive Sentiment: More premium-screen opportunities: A potential new IMAX screen in Hyderabad would expand the company’s international theater network and increase its access to India’s growing cinema market. The report follows the opening or planned development of another local premium venue. Another IMAX screen coming to Hyderabad
• Positive Sentiment: Additional content and upgraded venues: The Indiana State Museum’s upgraded IMAX theater is hosting a revival festival featuring films including Blade Runner 2049, Apocalypse Now and La La Land. Separately, Christopher Nolan’s The Prestige is scheduled for an IMAX and 70mm 20th-anniversary re-release in January. These events can help fill screens with higher-value specialty programming between new theatrical releases. Indiana State Museum IMAX revival festival The Prestige 20th anniversary IMAX re-release
• Neutral Sentiment: Upcoming earnings expectations: Zacks says IMAX has a strong history of exceeding estimates and currently has factors supporting another potential earnings beat. However, this is an analyst-oriented forecast rather than a new company earnings announcement, so the stock may remain sensitive to the actual results and guidance. Will IMAX beat estimates again

Insider Activity at IMAX

In related news, VP Robert D. Lister sold 22,500 shares of the business’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the sale, the vice president owned 182,375 shares in the company, valued at $9,406,902.50. The trade was a 10.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Natasha Fernandes sold 20,000 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $54.63, for a total value of $1,092,600.00. Following the completion of the transaction, the chief financial officer directly owned 35,596 shares of the company’s stock, valued at approximately $1,944,609.48. The trade was a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 507,257 shares of company stock worth $26,673,571. Corporate insiders own 20.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on IMAX shares. Seaport Research Partners restated a “buy” rating and set a $50.00 price objective on shares of IMAX in a research report on Wednesday, June 24th. Morgan Stanley started coverage on IMAX in a research note on Thursday, September 24th. They set an “overweight” rating and a $63.00 target price for the company. Weiss Ratings raised IMAX from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Zacks Research raised IMAX from a “hold” rating to a “strong-buy” rating in a report on Friday, October 9th. Finally, Wall Street Zen upgraded IMAX from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.38.

IMAX Trading Up 1.3%

Shares of NYSE IMAX opened at $53.10 on Thursday. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 73.75, a PEG ratio of 1.43 and a beta of 0.49. IMAX Corporation has a 12 month low of $31.27 and a 12 month high of $57.73. The stock has a 50-day moving average price of $52.59 and a two-hundred day moving average price of $44.55.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the company posted $0.26 EPS. On average, sell-side analysts predict that IMAX Corporation will post 1.75 earnings per share for the current year.

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is a global entertainment technology company that specializes in premium large-format cinema experiences. The company designs and supplies specialized theater systems that combine large screens, high-resolution projection, advanced sound, and immersive theater design to present feature films, documentaries, live events, and other content.

IMAX supports its theater partners with projection and sound equipment, theater design and installation services, and technology and maintenance support.