IMAX (NYSE:IMAX) CEO Richard Gelfond Sells 15,746 Shares of Stock
by Mitch Edgeman · The Markets DailyIMAX Corporation (NYSE:IMAX – Get Free Report) CEO Richard Gelfond sold 15,746 shares of IMAX stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $37.07, for a total value of $583,704.22. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at $28,358,624.14. The trade was a 2.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
IMAX Price Performance
IMAX stock traded up $0.20 during trading on Wednesday, reaching $37.03. 728,682 shares of the stock traded hands, compared to its average volume of 1,081,014. The firm has a market capitalization of $2.00 billion, a PE ratio of 59.72, a P/E/G ratio of 1.68 and a beta of 0.41. The business’s 50 day moving average price is $38.22 and its 200-day moving average price is $36.13. IMAX Corporation has a 52-week low of $21.49 and a 52-week high of $43.16.
IMAX (NYSE:IMAX – Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, topping 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 company had revenue of $125.21 million for the quarter, compared to the consensus estimate of $120.30 million. During the same period last year, the business posted $0.27 EPS. The company’s quarterly revenue was up 35.1% compared to the same quarter last year. On average, equities research analysts predict that IMAX Corporation will post 0.91 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC purchased a new position in IMAX in the third quarter valued at about $27,000. Quarry LP raised its position in IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after purchasing an additional 547 shares during the period. Jones Financial Companies Lllp raised its position in IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares during the period. First Horizon Corp purchased a new position in IMAX in the third quarter valued at about $34,000. Finally, Clearstead Advisors LLC purchased a new position in IMAX in the third quarter valued at about $35,000. 93.51% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. Wells Fargo & Company lifted their target price on shares of IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Macquarie Infrastructure upped their price target on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. Finally, JPMorgan Chase & Co. increased their price target on IMAX from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, IMAX presently has an average rating of “Moderate Buy” and an average price target of $43.70.
Get Our Latest Stock Analysis on IMAX
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.