IMAX Corporation $IMAX Shares Sold by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management reduced its IMAX stake by 55.8% in the fourth quarter, selling 196,479 shares and ending with 155,692 shares valued at about $5.75 million.
• Recent analyst opinions on IMAX remain generally positive, with nine Buy ratings and three Hold ratings, giving the stock a Moderate Buy consensus and an average price target of $48.
• IMAX reported better-than-expected quarterly results, posting EPS of $0.17 versus estimates of $0.15 and revenue of $81.38 million, though revenue still declined 6.1% year over year.

Jupiter Asset Management Ltd. cut its position in IMAX Corporation (NYSE:IMAX - Free Report) by 55.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 155,692 shares of the company's stock after selling 196,479 shares during the period. Jupiter Asset Management Ltd. owned approximately 0.29% of IMAX worth $5,754,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Divisadero Street Capital Management LP acquired a new position in shares of IMAX in the third quarter valued at about $20,975,000. Principal Financial Group Inc. increased its holdings in shares of IMAX by 67.8% in the third quarter. Principal Financial Group Inc. now owns 70,927 shares of the company's stock valued at $2,323,000 after purchasing an additional 28,667 shares during the period. Citigroup Inc. increased its holdings in shares of IMAX by 267.7% in the third quarter. Citigroup Inc. now owns 66,769 shares of the company's stock valued at $2,187,000 after purchasing an additional 48,609 shares during the period. Hedges Asset Management LLC acquired a new position in shares of IMAX in the fourth quarter valued at about $2,088,000. Finally, Zhang Financial LLC acquired a new position in shares of IMAX in the third quarter valued at about $903,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on IMAX. Barrington Research raised their target price on IMAX from $42.00 to $46.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $60.00 target price on shares of IMAX in a report on Friday, May 22nd. JPMorgan Chase & Co. dropped their target price on IMAX from $48.00 to $47.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Wall Street Zen lowered IMAX from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered IMAX from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, May 22nd. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, IMAX presently has an average rating of "Moderate Buy" and an average target price of $48.00.

Insider Activity at IMAX

In other news, CEO Richard L. Gelfond sold 135,046 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $37.82, for a total value of $5,107,439.72. Following the transaction, the chief executive officer owned 765,002 shares in the company, valued at $28,932,375.64. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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 that occurred on Monday, March 16th. The shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the transaction, the insider owned 3,657,450 shares in the company, valued at approximately $138,324,759. This trade represents a 8.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,054,284 shares of company stock worth $40,062,532. Company insiders own 20.55% of the company's stock.

IMAX Trading Up 1.3%

Shares of IMAX stock opened at $39.75 on Friday. The company has a market capitalization of $2.19 billion, a P/E ratio of 61.16, a P/E/G ratio of 1.40 and a beta of 0.37. The business's 50 day moving average is $36.90 and its two-hundred day moving average is $36.91. IMAX Corporation has a 12-month low of $24.20 and a 12-month high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, topping 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%.IMAX's revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.13 earnings per share. On average, research analysts predict that IMAX Corporation will post 1.34 earnings per share for the current fiscal 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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