IMAX (NYSE:IMAX) CEO Richard Gelfond Sells 135,046 Shares

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 135,046 shares of the firm’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $37.82, for a total value of $5,107,439.72. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $28,932,375.64. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Down 0.3%

IMAX stock traded down $0.10 during midday trading on Friday, reaching $37.75. 928,870 shares of the company’s stock traded hands, compared to its average volume of 1,090,764. The company has a 50-day simple moving average of $38.10 and a two-hundred day simple moving average of $35.99. IMAX Corporation has a 1-year low of $20.48 and a 1-year high of $43.16. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 60.89, a PEG ratio of 1.74 and a beta of 0.41.

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

Analysts Set New Price Targets

A number of research analysts have commented on IMAX shares. Rosenblatt Securities reiterated a “buy” rating and issued a $47.00 price objective on shares of IMAX in a research report on Tuesday, February 24th. The Goldman Sachs Group increased their price objective on IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Wedbush reiterated an “outperform” rating and issued a $46.00 price objective on shares of IMAX in a research report on Monday, February 23rd. Benchmark increased their price objective on IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Wells Fargo & Company increased their price objective on IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.70.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. AQR Capital Management LLC boosted its position in shares of IMAX by 47.9% in the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after purchasing an additional 18,238 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of IMAX by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock worth $672,000 after purchasing an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of IMAX by 7.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock worth $4,208,000 after purchasing an additional 11,736 shares during the last quarter. Creative Planning boosted its position in shares of IMAX by 84.1% in the 2nd quarter. Creative Planning now owns 16,081 shares of the company’s stock worth $450,000 after purchasing an additional 7,344 shares during the last quarter. Finally, Norges Bank bought a new position in IMAX during the second quarter worth about $709,000. 93.51% of the stock is currently owned by institutional investors.

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.