Engineers Gate Manager LP Has $1.16 Million Stake in IMAX Corporation $IMAX

Key Points

• Engineers Gate Manager LP increased its IMAX stake by 227.7% in the second quarter, holding 29,205 shares valued at approximately $1.16 million. Institutional investors collectively own 93.51% of IMAX.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $54.45; several firms recently raised their targets to $50.
• IMAX reported stronger-than-expected quarterly results, including $0.43 in earnings per share and $102.84 million in revenue, while revenue rose 12.2% year over year. However, company insiders sold more than 507,000 shares worth approximately $26.7 million over the past three months.

Engineers Gate Manager LP grew its stake in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 227.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 29,205 shares of the company's stock after purchasing an additional 20,293 shares during the period. Engineers Gate Manager LP owned about 0.05% of IMAX worth $1,164,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of IMAX. BlackRock Inc. purchased a new position in IMAX during the 2nd quarter worth $115,881,000. Westfield Capital Management Co. LP lifted its position in shares of IMAX by 44.6% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company's stock valued at $86,726,000 after purchasing an additional 723,861 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in IMAX by 1.9% during the first 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. Wellington Management Group LLP boosted its holdings in IMAX by 51.8% during the second quarter. Wellington Management Group LLP now owns 800,193 shares of the company's stock worth $31,896,000 after purchasing an additional 273,122 shares during the last quarter. Finally, Nantahala Capital Management LLC bought a new stake in IMAX in the 2nd quarter worth about $26,228,239. 93.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Barrington Research lifted their target price on shares of IMAX from $46.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Weiss Ratings raised IMAX from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. Wall Street Zen raised IMAX from a "hold" rating to a "buy" rating in a research report on Saturday, September 5th. The Goldman Sachs Group lifted their price target on IMAX from $42.00 to $50.00 and gave the stock a "neutral" rating in a report on Friday, September 4th. Finally, Seaport Research Partners reissued a "buy" rating and issued a $50.00 price objective on shares of IMAX in a research report on Wednesday, June 24th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, IMAX presently has a consensus rating of "Moderate Buy" and an average price target of $54.45.

IMAX Stock Performance

NYSE:IMAX opened at $52.88 on Friday. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 73.44, a P/E/G ratio of 1.61 and a beta of 0.40. IMAX Corporation has a 52-week low of $30.74 and a 52-week high of $55.57. The stock has a fifty day moving average of $49.01 and a 200 day moving average of $42.26.

IMAX (NYSE:IMAX - Get Free Report) last announced its 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 analyst estimates of $96.09 million. During the same period in the prior year, the company earned $0.26 EPS. The company's quarterly revenue was up 12.2% compared to the same quarter last year. Equities analysts forecast that IMAX Corporation will post 1.54 earnings per share for the current fiscal year.

Insider Activity at IMAX

In other news, CFO Natasha Fernandes sold 20,000 shares of IMAX stock in a transaction on Monday, August 24th. The shares were sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the completion of the sale, the chief financial officer directly owned 35,596 shares of the company's stock, valued at approximately $1,944,609.48. The trade was a 35.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard Gelfond sold 100,000 shares of the company's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the completion of the transaction, the chief executive officer owned 665,002 shares of the company's stock, valued at $35,398,056.46. This trade represents a 13.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 507,257 shares of company stock valued at $26,673,571. Company insiders own 20.55% of the company's stock.

About IMAX

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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