437,023 Shares of IMAX Corporation $IMAX Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 437,023 IMAX shares worth approximately $17.4 million, giving it about a 0.8% stake. Institutional investors collectively own 93.51% of the company.
• IMAX reported quarterly revenue of $102.84 million, up 12.2% year over year, and earnings per share of $0.43, beating analysts’ $0.30 estimate. Shares opened at $55.35, near their 52-week high, but trade at a high P/E ratio of 76.88.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $55.17 price target, while insiders sold more than 507,000 shares worth approximately $26.7 million over the past three months.

Bank of America Corp DE purchased a new position in IMAX Corporation (NYSE:IMAX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 437,023 shares of the company's stock, valued at approximately $17,420,000. Bank of America Corp DE owned approximately 0.80% of IMAX as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IMAX. BlackRock Inc. acquired a new stake in IMAX in the second quarter valued at $115,881,000. Westfield Capital Management Co. LP grew its holdings in IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company's stock worth $86,726,000 after acquiring an additional 723,861 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of IMAX by 1.9% in the 1st 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 during the last quarter. Marsico Capital Management LLC bought a new stake in shares of IMAX in the 4th quarter worth about $18,149,000. Finally, Primecap Management Co. CA acquired a new stake in shares of IMAX in the 2nd quarter valued at about $10,902,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

IMAX Stock Up 3.8%

Shares of IMAX stock opened at $55.35 on Friday. The business has a 50 day moving average of $50.23 and a two-hundred day moving average of $42.63. IMAX Corporation has a 52 week low of $30.74 and a 52 week high of $55.57. The company has a market cap of $3.04 billion, a P/E ratio of 76.88, a PEG 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The business had revenue of $102.84 million for the quarter, compared to analysts' expectations of $96.09 million. During the same period in the prior year, the firm earned $0.26 EPS. The business's quarterly revenue was up 12.2% on a year-over-year basis. Analysts expect that IMAX Corporation will post 1.54 EPS for the current fiscal year.

Key IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Morgan Stanley upgraded the investment case for IMAX. The firm called IMAX a “must” for movie theaters and recommended the stock, arguing that premium formats are increasingly important as exhibitors seek to differentiate theaters from home entertainment. The success of Christopher Nolan’s The Odyssey is cited as evidence that audiences will pay for a distinctive large-format experience. Morgan Stanley IMAX analysis
• Positive Sentiment: IMAX’s content pipeline continues to attract attention. A planned IMAX release for Disney+’s VisionQuest could expand the company’s role beyond traditional theatrical films, while Tom Cruise’s DIGGER provides another recognizable title for the format. VisionQuest IMAX release DIGGER IMAX release
• Positive Sentiment: IMAX branding is expanding into immersive home entertainment. Meta’s new VR glasses include IMAX-certified cinema support and 5K displays. Although the immediate financial contribution is unclear, the partnership may broaden consumer familiarity with IMAX and create an additional licensing or distribution opportunity. Meta VR glasses with IMAX support
• Positive Sentiment: Recent commentary suggests strong audience demand for premium presentations. Coverage of The Odyssey highlights limited availability of IMAX 70mm screenings, while reviews emphasize the format’s visual impact. This supports IMAX’s pricing power and strategic importance to theaters. The Odyssey IMAX 70mm screenings
• Neutral Sentiment: IMAX has outperformed portions of the consumer-discretionary sector this year, reinforcing momentum but also leaving the shares at a demanding valuation. The supplied background shows a high price-to-earnings ratio, increasing the need for continued earnings and box-office growth. IMAX sector performance comparison
• Negative Sentiment: Some commentary questions whether every film justifies the IMAX premium and suggests aggressive IMAX and 4DX marketing could make standard theaters less appealing. This presents a risk if consumers view premium tickets as unnecessary for less spectacle-driven releases. Criticism of IMAX value

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Seaport Research Partners reaffirmed a "buy" rating and set a $50.00 price target on shares of IMAX in a research report on Wednesday, June 24th. HC Wainwright restated a "buy" rating on shares of IMAX in a research note on Friday, July 24th. Wells Fargo & Company increased their target price on IMAX from $41.00 to $45.00 and gave the stock an "equal weight" rating in a report on Friday, July 24th. Benchmark reiterated a "buy" rating on shares of IMAX in a research report on Monday, June 22nd. Finally, Barrington Research boosted their price target on IMAX from $46.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.17.

Insider Buying and Selling

In other news, insider Kenneth Weissman sold 8,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total transaction of $436,320.00. Following the completion of the transaction, the insider owned 28,205 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, VP Robert D. Lister sold 22,500 shares of the company's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the transaction, the vice president owned 182,375 shares of the company's stock, valued at $9,406,902.50. This represents a 10.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 507,257 shares of company stock valued at $26,673,571 over the last three months. Corporate insiders own 20.55% of the company's stock.

IMAX Profile

IMAX Corporation NYSE: IMAX is an entertainment technology company that develops and operates premium large-format cinema experiences. Its systems combine specialized projection, immersive sound, large screens and theater design to present feature films, documentaries and other filmed content.

The company provides cinema operators with IMAX projection and sound systems, including its IMAX with Laser technology, as well as theater design, installation and technical support. IMAX also works with filmmakers and studios on content capture, post-production and remastering to optimize movies for its format, including selected 2D and 3D releases.

Founded in 1967, IMAX has expanded from its origins in documentary and institutional film presentations into a global theatrical network.

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