Militia Capital Management LLC Takes $1.51 Million Position in IMAX Corporation $IMAX

Militia Capital Management LLC purchased a new stake in IMAX Corporation (NYSE:IMAX) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 39,800 shares of the company’s stock, valued at approximately $1,513,000. Militia Capital Management LLC owned about 0.07% of IMAX as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Orbis Allan Gray Ltd increased its position in IMAX by 31.7% in the 2nd 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 lifted its position in shares of IMAX by 44.6% during the fourth 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of IMAX by 1.9% during the first 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 in the last quarter. Nantahala Capital Management LLC grew its stake in shares of IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after purchasing an additional 225,742 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of IMAX by 1.9% during the fourth quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock valued at $40,806,000 after purchasing an additional 20,079 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

Insider Activity

In other news, CEO Richard L. Gelfond sold 8,943 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $37.33, for a total value of $333,842.19. Following the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at $28,557,524.66. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.55% of the stock is owned by corporate insiders.

IMAX News Summary

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey opened with “cultural phenomenon” level demand, and IMAX CEO Rich Gelfond said the film’s box office was even more extreme than expected, with more than 20% of global sales coming from IMAX tickets. IMAX CEO says ‘The Odyssey’ box office is ‘more extreme’ that expected. He also addresses whether the company is for sale.
• Positive Sentiment: Media coverage highlighted record-breaking demand for IMAX 70mm showings, including premium seat sellouts and “frenzy” around the film, which supports the case for strong attendance and pricing power in IMAX’s premium theaters. IMAX CEO describes ‘frenzy’ after Christopher Nolan’s ‘The Odyssey’ shatters records.
• Positive Sentiment: Rosenblatt Securities reiterated a Buy rating on IMAX, adding a supportive analyst signal amid the surge in attention around the company’s premium-format content pipeline. Rosenblatt Securities Reiterates “Buy” Rating for IMAX (NYSE:IMAX).
• Neutral Sentiment: IMAX also announced a partnership with CGV to upgrade three locations in Vietnam to IMAX with Laser, extending its footprint in a growing Southeast Asia market. IMAX and CGV Continue Partnership With Three IMAX With Laser Locations In Vietnam.
• Neutral Sentiment: Some coverage noted IMAX may be “fully priced” after a strong run, which could temper upside expectations even as sentiment around the business remains constructive. IMAX (IMAX) Stock Looks Fully Priced After A 129% Run.

IMAX Price Performance

Shares of NYSE IMAX opened at $39.25 on Thursday. The company’s 50 day simple moving average is $39.60 and its 200 day simple moving average is $37.94. IMAX Corporation has a fifty-two week low of $24.20 and a fifty-two week high of $45.52. The firm has a market capitalization of $2.16 billion, a P/E ratio of 60.39, a P/E/G ratio of 1.39 and a beta of 0.37.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The firm had revenue of $81.38 million during the quarter, compared to analyst estimates of $79.82 million. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 EPS. Sell-side analysts expect that IMAX Corporation will post 1.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IMAX. JPMorgan Chase & Co. lowered their price target on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Seaport Research Partners reissued a “buy” rating and issued a $50.00 target price on shares of IMAX in a research note on Wednesday, June 24th. Benchmark restated a “buy” rating on shares of IMAX in a research report on Monday, June 22nd. B. Riley Financial reaffirmed a “buy” rating on shares of IMAX in a research note on Monday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $47.00 price target on shares of IMAX in a report on Monday. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.30.

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.