Insider Selling: IMAX Co. (NYSE:IMAX) Insider Sells 10,916 Shares of Stock

IMAX Co. (NYSE:IMAX) insider Megan Colligan sold 10,916 shares of IMAX stock in a transaction that occurred on Tuesday, June 8th. The stock was sold at an average price of $23.29, for a total transaction of $254,233.64. Following the sale, the insider now owns 39,096 shares of the company’s stock, valued at approximately $910,545.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Shares of NYSE IMAX opened at $22.55 on Friday. The firm’s 50 day simple moving average is $21.44. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -12.19 and a beta of 1.82. IMAX Co. has a 12-month low of $10.31 and a 12-month high of $25.05.

IMAX (NYSE:IMAX) last issued its earnings results on Thursday, April 29th. The company reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.05. The firm had revenue of $38.75 million during the quarter, compared to analyst estimates of $39.87 million. IMAX had a negative net margin of 77.57% and a negative return on equity of 25.42%. As a group, analysts forecast that IMAX Co. will post -0.76 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of IMAX. Bank of New York Mellon Corp lifted its holdings in IMAX by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 928,777 shares of the company’s stock valued at $16,737,000 after acquiring an additional 13,386 shares during the period. Gamco Investors INC. ET AL purchased a new stake in shares of IMAX during the 4th quarter worth approximately $1,182,000. US Bancorp DE raised its position in IMAX by 57.5% in the 4th quarter. US Bancorp DE now owns 2,163 shares of the company’s stock valued at $39,000 after purchasing an additional 790 shares during the last quarter. Alliancebernstein L.P. increased its stake in IMAX by 1,370.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,115,728 shares of the company’s stock valued at $20,105,000 after buying an additional 1,039,828 shares during the period. Finally, Mission Wealth Management LP increased its stake in IMAX by 2.9% in the 1st quarter. Mission Wealth Management LP now owns 33,756 shares of the company’s stock valued at $678,000 after buying an additional 943 shares during the period. 72.91% of the stock is owned by institutional investors.

Several brokerages recently commented on IMAX. The Goldman Sachs Group downgraded IMAX from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $19.60 to $18.60 in a research note on Wednesday, June 2nd. Barrington Research boosted their price target on shares of IMAX from $25.00 to $27.00 in a research report on Tuesday, March 9th. Zacks Investment Research raised shares of IMAX from a “sell” rating to a “hold” rating and set a $22.00 target price for the company in a research note on Monday, May 3rd. Wedbush raised IMAX from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $22.00 to $26.00 in a research report on Thursday, April 29th. Finally, Benchmark raised their target price on shares of IMAX from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, May 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $24.01.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company worldwide. It offers cinematic solution comprising proprietary software, theater architecture, intellectual property, and specialized equipment. The company offers IMAX Digital Re-Mastering (DMR), a proprietary technology that digitally enhances the image resolution, visual clarity, and sound quality of motion picture films for projection on IMAX screens; IMAX theater systems to exhibitor customers through sales, leases, and joint revenue sharing arrangements; digital projection systems; a digital theater control systems; and a digital audio systems.

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