IMAX (NYSE:IMAX) CEO Richard Gelfond Sells 121,220 Shares

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 121,220 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $40.10, for a total value of $4,860,922.00. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $30,676,580.20. This represents a 13.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

IMAX Trading Down 0.7%

Shares of NYSE:IMAX traded down $0.26 during midday trading on Friday, reaching $38.06. The company had a trading volume of 160,545 shares, compared to its average volume of 1,108,060. The stock has a market cap of $2.05 billion, a P/E ratio of 61.40, a P/E/G ratio of 1.88 and a beta of 0.33. The company’s 50 day moving average price is $36.97 and its 200 day moving average price is $34.89. IMAX Corporation has a 52-week low of $20.48 and a 52-week high of $43.16.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.15. The business had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The firm’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.27 earnings per share. Research analysts forecast that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Aurora Investment Counsel boosted its holdings in shares of IMAX by 0.4% in the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company’s stock worth $2,300,000 after acquiring an additional 308 shares during the period. Jones Financial Companies Lllp raised its stake in shares of IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of IMAX by 28.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock valued at $55,000 after purchasing an additional 332 shares during the period. GAMMA Investing LLC lifted its holdings in IMAX by 22.3% during the 4th quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $69,000 after purchasing an additional 342 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in IMAX by 2.8% in the 3rd quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock worth $443,000 after purchasing an additional 364 shares during the period. Institutional investors own 93.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on IMAX. B. Riley Financial reaffirmed a “buy” rating on shares of IMAX in a report on Monday, December 8th. Rosenblatt Securities reissued a “buy” rating and issued a $47.00 target price on shares of IMAX in a research report on Tuesday, February 24th. Benchmark boosted their target price on IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen downgraded IMAX from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 28th. Finally, Barrington Research reissued an “outperform” rating and issued a $42.00 price objective on shares of IMAX in a report on Monday, January 26th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.70.

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.