Cetera Investment Advisers Invests $418,000 in IMAX Corporation $IMAX

Cetera Investment Advisers purchased a new position in shares of IMAX Corporation (NYSE:IMAX) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,008 shares of the company’s stock, valued at approximately $418,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Orbis Allan Gray Ltd boosted its holdings in shares of IMAX by 31.7% in the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after acquiring an additional 1,230,267 shares in the last quarter. Westfield Capital Management Co. LP increased its position in IMAX by 44.6% during 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 during the period. Dimensional Fund Advisors LP increased its position in IMAX by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock worth $47,026,000 after purchasing an additional 23,401 shares during the period. Nantahala Capital Management LLC raised its stake in shares of IMAX by 24.9% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after buying an additional 225,742 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of IMAX by 1.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock worth $40,806,000 after buying an additional 20,079 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on IMAX shares. Roth Capital lifted their price target on IMAX from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 24th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $42.00 price objective on shares of IMAX in a research report on Thursday, July 23rd. Wall Street Zen raised IMAX from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $60.00 target price on shares of IMAX in a research report on Friday, May 22nd. Finally, Wells Fargo & Company upped their price target on shares of IMAX from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Ten investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.55.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Rosenblatt Securities reaffirmed its Buy rating and set a $60 price target, implying further upside from recent trading levels. Benzinga analyst rating report
• Positive Sentiment: The Odyssey has surpassed $1.29 billion globally and is being described as IMAX’s biggest release ever, reinforcing the value of the company’s premium large-format screens and supporting potential box-office and licensing revenue. The Odyssey becomes IMAX’s biggest release
• Positive Sentiment: Demand for Dune: Part Three appears exceptionally strong, with IMAX 70mm screenings selling out or nearly selling out, booking websites reportedly facing heavy traffic, and tickets being resold at substantial markups. This suggests strong near-term attendance and premium-format demand. Early Dune IMAX 70mm showings nearly sell out
• Neutral Sentiment: CEO Richard L. Gelfond sold a combined 456,757 IMAX shares from August 18–20 for approximately $24.0 million. All three transactions were executed under a pre-arranged Rule 10b5-1 plan, reducing the likelihood that the sales reflect a newly negative view of the business, although they may weigh on sentiment after the stock’s strong rally. He continues to own 665,002 shares. SEC insider trading filing
• Negative Sentiment: The concentrated CEO selling is the clearest near-term bearish catalyst, particularly with IMAX trading near its 12-month high and at an elevated earnings multiple. Investors may interpret the sales as profit-taking and a source of additional supply even though they were preplanned.

Insider Transactions at IMAX

In other IMAX news, CEO Richard L. Gelfond sold 100,000 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the sale, the chief executive officer owned 665,002 shares in the company, valued at approximately $35,398,056.46. This represents a 13.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 456,757 shares of company stock valued at $23,984,101. 20.55% of the stock is currently owned by corporate insiders.

IMAX Price Performance

Shares of NYSE IMAX opened at $52.87 on Friday. IMAX Corporation has a 12-month low of $25.56 and a 12-month high of $54.50. The company has a market capitalization of $2.90 billion, a PE ratio of 73.43, a price-to-earnings-growth ratio of 1.77 and a beta of 0.38. The firm’s 50-day moving average is $44.44 and its two-hundred day moving average is $40.06.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The business had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. During the same period last year, the company posted $0.26 EPS. The company’s revenue was up 12.2% on a year-over-year basis. On average, analysts forecast that IMAX Corporation will post 1.44 EPS for the current fiscal year.

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.