Insider Selling: IMAX (NYSE:IMAX) CEO Sells 12,037 Shares of Stock
by Mitch Edgeman · The Markets DailyIMAX Corporation (NYSE:IMAX – Get Free Report) CEO Richard Gelfond sold 12,037 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $40.00, for a total value of $481,480.00. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $30,600,080. The trade was a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
IMAX Trading Down 2.0%
Shares of NYSE:IMAX traded down $0.81 during trading on Monday, reaching $39.32. The stock had a trading volume of 1,087,503 shares, compared to its average volume of 1,104,984. The firm’s 50-day simple moving average is $37.78 and its 200 day simple moving average is $35.86. IMAX Corporation has a one year low of $20.48 and a one year high of $43.16. The company has a market capitalization of $2.12 billion, a P/E ratio of 63.42, a PEG ratio of 1.89 and a beta of 0.41.
IMAX (NYSE:IMAX – Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $120.30 million. During the same period in the previous year, the business earned $0.27 EPS. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. Equities research analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.
Institutional Investors Weigh In On IMAX
Large investors have recently bought and sold shares of the company. Divisadero Street Capital Management LP acquired a new position in IMAX in the 3rd quarter worth approximately $20,975,000. Principal Financial Group Inc. lifted its stake in IMAX by 67.8% during the 3rd quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock valued at $2,323,000 after acquiring an additional 28,667 shares during the period. Citigroup Inc. boosted its holdings in shares of IMAX by 267.7% in the 3rd quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock valued at $2,187,000 after acquiring an additional 48,609 shares during the last quarter. Zhang Financial LLC acquired a new stake in shares of IMAX in the third quarter worth $903,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of IMAX in the third quarter worth $4,893,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently commented on IMAX. Barrington Research reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of IMAX in a research report on Monday, January 26th. B. Riley Financial reissued a “buy” rating on shares of IMAX in a research report on Monday, December 8th. Wells Fargo & Company raised their price target on shares of IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. Finally, Roth Mkm reissued a “buy” rating and set a $42.00 price objective on shares of IMAX in a report on Monday, December 8th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus price target of $43.70.
View Our Latest Report on IMAX
IMAX Company Profile
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.