Chase Investment Counsel Corp Invests $3.07 Million in IMAX Corporation $IMAX

Key Points

• Chase Investment Counsel Corp opened a new position in IMAX in the fourth quarter, buying 83,080 shares worth about $3.07 million. The stake represented roughly 0.15% of the company.
• Analyst sentiment remains constructive: IMAX has a Moderate Buy consensus rating with a consensus price target of $44.89. Recent moves included target increases from Benchmark and Barrington, while Goldman Sachs raised its target but kept a neutral rating.
• Insider activity was notably negative, with CEO Richard L. Gelfond and investor Kevin Douglas both selling shares. The company also reported a recent quarter of $0.17 EPS, beating estimates, though revenue fell 6.1% year over year.

Chase Investment Counsel Corp bought a new position in shares of IMAX Corporation (NYSE:IMAX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 83,080 shares of the company's stock, valued at approximately $3,070,000. Chase Investment Counsel Corp owned about 0.15% of IMAX as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Aurora Investment Counsel raised its position in shares of IMAX by 0.4% during the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company's stock worth $2,300,000 after acquiring an additional 308 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of IMAX by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company's stock worth $34,000 after acquiring an additional 317 shares during the last quarter. GAMMA Investing LLC raised its position in shares of IMAX by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,874 shares of the company's stock worth $69,000 after acquiring an additional 342 shares during the last quarter. Arizona State Retirement System raised its position in shares of IMAX by 2.8% during the third quarter. Arizona State Retirement System now owns 13,517 shares of the company's stock worth $443,000 after acquiring an additional 364 shares during the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of IMAX during the third quarter worth $27,000. Institutional investors own 93.51% of the company's stock.

Get IMAX SMS alerts:

Sign Up

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on IMAX from $48.00 to $47.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Benchmark boosted their target price on IMAX from $42.00 to $44.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings upgraded IMAX from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, May 8th. The Goldman Sachs Group boosted their target price on IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Finally, Barrington Research increased their price target on IMAX from $42.00 to $46.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.89.

Insider Buying and Selling at IMAX

In related news, CEO Richard L. Gelfond sold 8,943 shares of the firm's stock in a transaction on Monday, April 27th. The stock was sold at an average price of $37.33, for a total transaction of $333,842.19. Following the sale, the chief executive officer owned 765,002 shares of the company's stock, valued at approximately $28,557,524.66. This trade represents a 1.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Douglas sold 330,200 shares of the firm's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.82, for a total value of $12,488,164.00. Following the sale, the insider directly owned 3,657,450 shares in the company, valued at $138,324,759. The trade was a 8.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,054,284 shares of company stock worth $40,062,532. Company insiders own 20.55% of the company's stock.

IMAX Stock Down 0.1%

IMAX stock opened at $33.57 on Monday. The business's fifty day moving average is $37.31 and its 200-day moving average is $36.65. The company has a market cap of $1.85 billion, a P/E ratio of 51.65, a price-to-earnings-growth ratio of 1.19 and a beta of 0.37. IMAX Corporation has a twelve month low of $24.20 and a twelve month high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The company had revenue of $81.38 million for the quarter, compared to the consensus estimate of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The firm's quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.13 EPS. Research analysts anticipate that IMAX Corporation will post 1.34 earnings per share for the current fiscal year.

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.

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.