23,846 Shares in IMAX Corporation $IMAX Bought by Man Group plc

Key Points

• Man Group plc acquired 23,846 IMAX shares worth approximately $951,000 in the second quarter, while institutional investors and hedge funds collectively own 93.51% of the company.
• IMAX reported strong quarterly results, with revenue up 12.2% year over year to $102.84 million and EPS of $0.43, surpassing analyst expectations. Continued demand for premium formats and extended screenings of The Odyssey provide additional support for the company’s outlook.
• Analysts maintain a favorable view, with a consensus rating of “Moderate Buy” and an average price target of $53.27, although insiders sold roughly $25.5 million in shares over the past 90 days.

Man Group plc purchased a new stake in IMAX Corporation (NYSE:IMAX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 23,846 shares of the company's stock, valued at approximately $951,000.

Other large investors also recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new position in shares of IMAX in the 3rd quarter worth $27,000. Quarry LP grew its stake in IMAX by 166.8% in the 4th 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. Caitong International Asset Management Co. Ltd raised its position in IMAX by 2,310.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock worth $38,000 after acquiring an additional 1,109 shares during the period. Aster Capital Management DIFC Ltd lifted its stake in IMAX by 863.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company's stock valued at $62,000 after purchasing an additional 1,493 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in IMAX in the fourth quarter worth $74,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey extends its IMAX 70mm run: The film will continue playing on select IMAX 70mm screens through September, with theaters in multiple markets extending showings because of sustained demand. The movie’s reported ticket sales have surpassed $450 million, supporting IMAX’s ability to attract audiences to premium presentations and keep screens occupied longer. The Odyssey Will Continue To Conquer Imax 70MM Screens Throughout September The Odyssey 70mm Imax Run Extended Yet Again
• Positive Sentiment: Premium-format demand remains a favorable industry trend: IMAX China said audiences are increasingly seeking higher-quality theatrical experiences, suggesting continued demand for premium screens even as the broader movie market faces uneven attendance. This could support box-office revenue and future theater installations for the IMAX network. IMAX China Says Premium Formats Rising as Audiences Seek Quality
• Positive Sentiment: Additional IMAX content keeps the pipeline visible: Coverage of a Steph Curry production filmed with 20 IMAX cameras highlights the company’s ability to participate in event-oriented and sports content, potentially broadening its appeal beyond major Hollywood releases. 4,000 3-pointers, 20 IMAX cameras and one question: Is Steph Curry an artist?
• Neutral Sentiment: Trading interest may be amplified by short-squeeze speculation: IMAX appeared in a screen of stocks with short-squeeze potential. This may attract short-term speculative buying, but it does not represent a change in the company’s fundamentals. 15 Stocks to Watch With Short Squeeze Potential

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IMAX shares. Roth Capital raised their price objective on shares of IMAX from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday. Wedbush boosted their price objective on shares of IMAX from $46.00 to $54.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Barrington Research raised their price target on shares of IMAX from $46.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Seaport Research Partners reissued a "buy" rating and issued a $50.00 price target on shares of IMAX in a research note on Wednesday, June 24th. Finally, B. Riley Financial upped their price objective on shares of IMAX from $52.00 to $61.00 and gave the stock a "buy" rating in a report on Monday, August 24th. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, IMAX has an average rating of "Moderate Buy" and a consensus target price of $53.27.

Insider Activity

In related news, insider Kenneth Weissman sold 8,000 shares of IMAX stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the completion of the sale, the insider owned 28,205 shares of the company's stock, valued at $1,538,300.70. The trade was a 22.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Natasha Fernandes sold 20,000 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $54.63, for a total value of $1,092,600.00. Following the completion of the transaction, the chief financial officer directly owned 35,596 shares in the company, valued at approximately $1,944,609.48. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 484,757 shares of company stock valued at $25,513,021 in the last ninety days. 20.55% of the stock is currently owned by company insiders.

IMAX Trading Up 0.3%

Shares of IMAX opened at $51.85 on Friday. IMAX Corporation has a 12 month low of $28.42 and a 12 month high of $55.57. The business's fifty day simple moving average is $46.15 and its two-hundred day simple moving average is $41.20. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 72.01, a P/E/G ratio of 1.66 and a beta of 0.40.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 EPS 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 firm had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. During the same period in the previous year, the business posted $0.26 earnings per share. The business's revenue for the quarter was up 12.2% on a year-over-year basis. As a group, research analysts forecast that IMAX Corporation will post 1.49 EPS for the current year.

IMAX 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.

Want to see what other hedge funds are holding IMAX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IMAX Corporation (NYSE:IMAX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source