Peregrine Capital Management LLC Cuts Stake in IMAX Corporation $IMAX

Peregrine Capital Management LLC lessened its position in IMAX Corporation (NYSE:IMAX) by 99.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 850 shares of the company’s stock after selling 152,206 shares during the period. Peregrine Capital Management LLC’s holdings in IMAX were worth $32,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new position in IMAX during the third quarter worth about $27,000. Quarry LP boosted its holdings in IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after purchasing an additional 547 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in IMAX by 2,310.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 1,109 shares in the last quarter. Torren Management LLC acquired a new position in IMAX during the 4th quarter worth approximately $40,000. Finally, Aster Capital Management DIFC Ltd raised its stake in shares of IMAX by 863.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock worth $62,000 after buying an additional 1,493 shares in the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Stock Down 1.3%

IMAX stock opened at $39.88 on Friday. The firm has a market capitalization of $2.19 billion, a PE ratio of 61.35, a P/E/G ratio of 1.43 and a beta of 0.37. IMAX Corporation has a 52 week low of $24.20 and a 52 week high of $45.52. The firm’s 50-day simple moving average is $38.86 and its 200 day simple moving average is $37.84.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The company had revenue of $81.38 million during the quarter, compared to analysts’ expectations of $79.82 million. During the same quarter in the previous year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, research analysts expect that IMAX Corporation will post 1.34 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 price target on shares of IMAX in a research note on Friday, May 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $47.00 target price on shares of IMAX in a report on Monday, April 20th. Barrington Research boosted their target price on shares of IMAX from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Wedbush restated an “outperform” rating and set a $46.00 target price on shares of IMAX in a research report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, IMAX has an average rating of “Moderate Buy” and a consensus price target of $48.00.

Insider Activity

In related news, CEO Richard L. Gelfond sold 135,046 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $37.82, for a total value of $5,107,439.72. Following the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at approximately $28,932,375.64. This represents a 15.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 353,027 shares of company stock worth $13,238,370. Insiders own 20.55% of the company’s stock.

IMAX Company 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.