IMAX Corporation $IMAX is 1492 Capital Management LLC's 10th Largest Position

Key Points

• 1492 Capital Management cut its IMAX stake by 25.2% in the fourth quarter, but the stock still ranks as its 10th-largest holding and represents 2.3% of the portfolio.
• Insider selling has been notable, including CEO Richard L. Gelfond’s recent sale and Kevin Douglas’s larger transaction, with insiders selling a total of 1,054,284 shares worth about $40.1 million over the last quarter.
• IMAX posted better-than-expected Q1 earnings, reporting $0.17 EPS on revenue of $81.38 million, while analysts maintain a generally positive view with a consensus rating of Moderate Buy and a $48 price target.

1492 Capital Management LLC lessened its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 25.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 162,516 shares of the company's stock after selling 54,824 shares during the period. IMAX makes up 2.3% of 1492 Capital Management LLC's portfolio, making the stock its 10th biggest position. 1492 Capital Management LLC owned about 0.30% of IMAX worth $6,007,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of IMAX. CIBC Private Wealth Group LLC purchased a new stake in shares of IMAX in the third quarter worth about $27,000. Jones Financial Companies Lllp boosted its position in shares of IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company's stock worth $34,000 after buying an additional 317 shares during the period. Clearstead Advisors LLC purchased a new stake in shares of IMAX in the third quarter worth about $35,000. Caitong International Asset Management Co. Ltd boosted its position in shares of 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 buying an additional 1,109 shares during the period. Finally, Torren Management LLC purchased a new stake in shares of IMAX in the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

Insider Buying and Selling

In other news, CEO Richard L. Gelfond sold 8,943 shares of the stock in a transaction that occurred 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 directly owned 765,002 shares in the company, valued at approximately $28,557,524.66. This represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Douglas sold 330,200 shares of the stock in a transaction that occurred 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 owned 3,657,450 shares in the company, valued at $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,054,284 shares of company stock worth $40,062,532 over the last quarter. Insiders own 20.55% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings downgraded IMAX from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, May 22nd. Wedbush reaffirmed an "outperform" rating and issued a $46.00 target price on shares of IMAX in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $60.00 target price on shares of IMAX in a research report on Friday, May 22nd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $47.00 target price on shares of IMAX in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. decreased 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. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.00.

IMAX Stock Performance

Shares of IMAX opened at $39.08 on Thursday. The company has a market capitalization of $2.15 billion, a P/E ratio of 60.12, a P/E/G ratio of 1.43 and a beta of 0.37. IMAX Corporation has a one year low of $24.20 and a one year high of $43.16. The stock has a 50-day moving average price of $37.07 and a 200 day moving average price of $37.02.

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

IMAX Company 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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