Insider Selling: IMAX (NYSE:IMAX) VP Sells 22,500 Shares

by · The Cerbat Gem

IMAX Corporation (NYSE:IMAX – Get Free Report) VP Robert Lister sold 22,500 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the transaction, the vice president owned 182,375 shares in the company, valued at approximately $9,406,902.50. This trade represents a 10.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

IMAX Trading Up 1.5%

IMAX stock traded up $0.78 on Friday, hitting $52.13. The company had a trading volume of 1,189,571 shares, compared to its average volume of 1,174,320. IMAX Corporation has a 12-month low of $30.74 and a 12-month high of $55.57. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 72.41, a P/E/G ratio of 1.60 and a beta of 0.40. The stock’s 50-day simple moving average is $47.29 and its 200 day simple moving average is $41.71.

IMAX (NYSE:IMAX – Get Free Report) last announced its 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 business had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. Research analysts forecast that IMAX Corporation will post 1.54 earnings per share for the current year.

Institutional Investors Weigh In On IMAX

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of IMAX in the second quarter worth about $115,881,000. California State Teachers Retirement System raised its stake in IMAX by 3,785.1% during the 2nd quarter. California State Teachers Retirement System now owns 2,104,728 shares of the company’s stock valued at $83,894,000 after purchasing an additional 2,050,554 shares during the period. Orbis Allan Gray Ltd lifted its holdings in IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after purchasing an additional 1,230,267 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in IMAX by 44.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after purchasing an additional 723,861 shares in the last quarter. Finally, Nantahala Capital Management LLC bought a new position in IMAX in the 2nd quarter worth approximately $26,228,239. Institutional investors own 93.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Rosenblatt Securities boosted their price target on IMAX from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Wall Street Zen upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research note on Saturday, September 5th. B. Riley Financial raised their price objective on shares of IMAX from $52.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Wedbush boosted their target price on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Finally, Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.45.

View Our Latest Research Report 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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