Strs Ohio Sells 19,650 Shares of IMAX Corporation $IMAX

Strs Ohio lowered its position in IMAX Corporation (NYSE:IMAX) by 18.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,750 shares of the company’s stock after selling 19,650 shares during the quarter. Strs Ohio owned approximately 0.16% of IMAX worth $3,373,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Divisadero Street Capital Management LP acquired a new stake in IMAX in the 3rd quarter valued at about $20,975,000. Hedges Asset Management LLC acquired a new position in IMAX during the fourth quarter worth approximately $2,088,000. Pier Capital LLC raised its stake in IMAX by 85.0% in the fourth quarter. Pier Capital LLC now owns 244,589 shares of the company’s stock valued at $9,040,000 after buying an additional 112,397 shares during the period. Polar Asset Management Partners Inc. bought a new stake in IMAX in the third quarter valued at approximately $3,227,000. Finally, Chase Investment Counsel Corp acquired a new stake in shares of IMAX in the fourth quarter valued at approximately $3,070,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Stock Performance

NYSE:IMAX traded up $0.81 during mid-day trading on Tuesday, hitting $38.14. 93,264 shares of the stock were exchanged, compared to its average volume of 1,115,733. The firm’s 50-day simple moving average is $38.95 and its 200 day simple moving average is $37.84. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 58.69, a price-to-earnings-growth ratio of 1.41 and a beta of 0.37. IMAX Corporation has a fifty-two week low of $24.20 and a fifty-two week high of $45.52.

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

Insider Activity at IMAX

In related news, CEO Richard L. Gelfond sold 135,046 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,932,375.64. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 340,040 shares of company stock valued at $12,715,513 in the last 90 days. Corporate insiders own 20.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on IMAX shares. JPMorgan Chase & Co. decreased their target price on IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Wedbush reiterated an “outperform” rating and issued a $46.00 price objective on shares of IMAX in a report on Thursday, April 23rd. Rosenblatt Securities reissued a “buy” rating and issued a $47.00 price objective on shares of IMAX in a research report on Monday, April 20th. Finally, Benchmark reaffirmed a “buy” rating on shares of IMAX in a report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.00.

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.