IMAX Corporation $IMAX Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP cut its IMAX stake by 4.6% in the fourth quarter, selling 61,310 shares and ending with 1,264,397 shares valued at about $46.7 million.
• IMAX reported better-than-expected quarterly results, posting EPS of $0.17 versus the $0.15 estimate and revenue of $81.38 million versus expectations of $79.82 million, though revenue was still down 6.1% year over year.
• Wall Street remains generally bullish on the stock, with nine Buy ratings, three Hold ratings, and a consensus target price of $48.00, above the recent share price around $39.14.

Royce & Associates LP lessened its holdings in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 4.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,264,397 shares of the company's stock after selling 61,310 shares during the quarter. Royce & Associates LP owned 2.35% of IMAX worth $46,732,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Orbis Allan Gray Ltd increased its position in IMAX by 31.7% during the 2nd 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. Westfield Capital Management Co. LP acquired a new stake in IMAX during the 3rd quarter worth approximately $53,141,000. Nantahala Capital Management LLC increased its position 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 purchasing an additional 225,742 shares in the last quarter. Victory Capital Management Inc. increased its position in IMAX by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company's stock worth $35,501,000 after purchasing an additional 3,494 shares in the last quarter. Finally, Divisadero Street Capital Management LP acquired a new stake in IMAX during the 3rd quarter worth approximately $20,975,000. Institutional investors and hedge funds own 93.51% of the company's stock.

IMAX Trading Up 0.0%

IMAX stock opened at $39.14 on Tuesday. The stock has a market cap of $2.15 billion, a P/E ratio of 60.21, a price-to-earnings-growth ratio of 1.39 and a beta of 0.37. The stock has a 50 day moving average of $36.81 and a 200-day moving average of $36.78. IMAX Corporation has a 52 week low of $24.20 and a 52 week high of $43.16.

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

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of research analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $47.00 target price on shares of IMAX in a research report on Monday, April 20th. JPMorgan Chase & Co. decreased their price target on IMAX from $48.00 to $47.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Wedbush restated an "outperform" rating and issued a $46.00 price target on shares of IMAX in a report on Thursday, April 23rd. Seaport Research Partners upped their price target on IMAX from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Finally, Barrington Research upped their price target on IMAX from $42.00 to $46.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, IMAX presently has a consensus 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 stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,932,375.64. This represents a 15.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the transaction, the insider owned 3,657,450 shares of the company's stock, valued at approximately $138,324,759. This trade represents a 8.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,054,284 shares of company stock valued at $40,062,532. Company insiders own 20.55% of the company's stock.

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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