92,300 Shares in IMAX Corporation $IMAX Bought by Manatuck Hill Partners LLC

Key Points

• Manatuck Hill Partners acquired 92,300 IMAX shares worth approximately $3.68 million, giving it a 0.17% stake and making IMAX its 27th-largest holding. Institutional investors 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, exceeding analysts’ $0.30 estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $52.36.
• The stock has rallied near its 12-month high amid strong demand for premium screenings and upcoming releases, but its elevated P/E ratio of 75.04 suggests substantial growth expectations are already priced in; CEO Richard Gelfond also sold 205,504 shares under a pre-arranged trading plan.

Manatuck Hill Partners LLC acquired a new stake in shares of IMAX Corporation (NYSE:IMAX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 92,300 shares of the company's stock, valued at approximately $3,679,000. IMAX makes up about 1.2% of Manatuck Hill Partners LLC's investment portfolio, making the stock its 27th largest holding. Manatuck Hill Partners LLC owned 0.17% of IMAX at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of IMAX. Orbis Allan Gray Ltd increased its stake in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company's stock worth $142,960,000 after purchasing an additional 1,230,267 shares in the last quarter. BlackRock Inc. purchased a new position in IMAX in the 2nd quarter valued at about $115,881,000. Westfield Capital Management Co. LP boosted its holdings in IMAX by 44.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company's stock worth $86,726,000 after buying an additional 723,861 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in 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 buying an additional 23,401 shares during the last quarter. Finally, Nantahala Capital Management LLC increased its stake in IMAX by 24.9% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company's stock worth $31,706,000 after buying an additional 225,742 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.

Insider Buying and Selling

In related news, CEO Richard L. Gelfond sold 205,504 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total value of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $40,751,656.54. This represents a 21.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 456,757 shares of company stock valued at $23,984,101 in the last 90 days. Corporate insiders own 20.55% of the company's stock.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Strong demand for premium screenings: “The Odyssey” has reportedly driven IMAX’s best month ever, while sold-out screenings at the Tennessee Aquarium and heavy demand for late-night showings in New York point to robust consumer interest in the format. IMAX Shares Soar To Record High As The Odyssey Fuels Best Month Ever
• Positive Sentiment: Promising upcoming content: “Dune: Part Three” is scheduled for IMAX and 70mm IMAX screenings in December, while “Akira” will return to theaters in IMAX and 4K in September. These releases could support box-office revenue and theater utilization. Dune Part Three IMAX screenings
• Positive Sentiment: Investor visibility: CEO Rich Gelfond is scheduled to speak at upcoming Bank of America and Goldman Sachs investor conferences, giving management an opportunity to discuss demand, installations and growth prospects. IMAX to Present at Upcoming Institutional Investor Conferences
• Neutral Sentiment: Record-high momentum: Coverage attributes IMAX’s recent rally to “The Odyssey,” rising theater installations and enthusiasm for immersive cinema. However, the stock’s price-to-earnings ratio above 75 indicates that substantial future growth may already be reflected in the shares. Why IMAX Stock Climbed to a New All-Time High
• Negative Sentiment: One screen is being removed: AMC Kips Bay 15 is expected to close by year-end, taking an IMAX screen out of a major New York market. The impact appears limited, but it highlights IMAX’s dependence on theater partners. AMC Kips Bay 15 Closing
• Negative Sentiment: Insider selling: IMAX’s chief technology officer sold 15,000 shares for approximately $786,000, reducing his direct stake by 26%. The sale may weigh modestly on sentiment, although it does not necessarily signal deteriorating fundamentals. IMAX CTO Share Sale

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings raised IMAX from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. HC Wainwright reaffirmed a "buy" rating on shares of IMAX in a research note on Friday, July 24th. Wall Street Zen cut IMAX from a "buy" rating to a "hold" rating in a research report on Saturday. Benchmark reissued a "buy" rating on shares of IMAX in a research note on Monday, June 22nd. Finally, Seaport Research Partners restated a "buy" rating and issued a $50.00 price objective on shares of IMAX in a report on Wednesday, June 24th. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $52.36.

IMAX Trading Down 1.4%

IMAX stock opened at $54.03 on Wednesday. The company has a 50-day moving average price of $45.11 and a 200 day moving average price of $40.45. IMAX Corporation has a 12-month low of $27.51 and a 12-month high of $55.57. The stock has a market cap of $2.96 billion, a P/E ratio of 75.04, a PEG ratio of 1.75 and a beta of 0.38.

IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same period in the previous year, the business posted $0.26 EPS. IMAX's revenue was up 12.2% on a year-over-year basis. As a group, 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.

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