Manatuck Hill Partners LLC Reduces Stock Holdings in IMAX Corporation $IMAX

Key Points

• Manatuck Hill Partners cut its IMAX stake by 14.7% in the fourth quarter, selling 50,000 shares and leaving it with 289,200 shares valued at about $10.7 million. IMAX remains the fund’s fourth-largest holding.
• Recent box-office headlines are positive for IMAX, with The Odyssey breaking BFI IMAX ticket sales records and setting additional advance-sales milestones. The coverage points to strong demand for premium IMAX screenings heading into summer.
• IMAX shares were up 1.3% in the report, and the stock has climbed near its 52-week high. The company also beat last quarter’s EPS and revenue estimates, while analysts maintain a Moderate Buy consensus with an average target price of $48.

Manatuck Hill Partners LLC reduced its holdings in IMAX Corporation (NYSE:IMAX - Free Report) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,200 shares of the company's stock after selling 50,000 shares during the quarter. IMAX accounts for 3.7% of Manatuck Hill Partners LLC's holdings, making the stock its 4th biggest position. Manatuck Hill Partners LLC owned about 0.54% of IMAX worth $10,689,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new stake in shares of IMAX in the 3rd quarter worth approximately $27,000. Quarry LP increased its position in shares of IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after acquiring an additional 547 shares in the last quarter. Jones Financial Companies Lllp increased 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 acquiring an additional 317 shares in the last quarter. Clearstead Advisors LLC purchased a new position in shares of IMAX in the third quarter worth approximately $35,000. Finally, Torren Management LLC purchased a new position in shares of IMAX in the fourth quarter worth approximately $40,000. 93.51% of the stock is currently owned by institutional investors.

Key IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey broke BFI IMAX ticket sales records, signaling strong demand for premium IMAX presentations and potentially boosting IMAX’s near-term outlook. The Odyssey Breaks BFI Imax Ticket Sales Records
• Positive Sentiment: Additional reports say The Odyssey smashed first-day BFI IMAX ticket records and set another major advance-sales milestone, adding to optimism about summer box-office momentum for IMAX screens. The Odyssey smashes BFI Imax records for first day ticket sales
• Positive Sentiment: Investor commentary highlighted IMAX stock near a record high as summer box-office strength builds, suggesting the market is rewarding improved theater demand and confidence in the company’s business model. IMAX stock near record high as summer box-office momentum builds
• Positive Sentiment: Analysts and entertainment coverage continue to emphasize the appeal of IMAX format content, including Nolan’s films, which supports the case for sustained consumer demand. 3 Big Reasons to Love IMAX (IMAX)
• Neutral Sentiment: Several articles explain how IMAX films reach theaters or compare IMAX with other premium formats; these are informative but not likely to materially move the stock on their own. The Odyssey director Christopher Nolan explains how an IMAX film reaches theaters
• Neutral Sentiment: Coverage noting that Spider-Man: Brand New Day will not get an IMAX release in some markets is mixed for IMAX overall, but the impact appears limited versus the stronger demand headlines for The Odyssey. Why Tom Holland's Spider-Man: Brand New Day isn't getting an IMAX release and what replaces it
• Negative Sentiment: Some reports indicate Spider-Man: Brand New Day will not be released in IMAX in India, which could slightly limit premium-screen content in that market. Spider-Man: Brand new day will not be released in IMAX in India; find out the reason here

IMAX Stock Up 1.3%

NYSE IMAX opened at $44.27 on Thursday. The stock has a market capitalization of $2.44 billion, a PE ratio of 68.11, a price-to-earnings-growth ratio of 1.55 and a beta of 0.37. The company has a 50 day moving average price of $37.67 and a two-hundred day moving average price of $37.41. IMAX Corporation has a 12-month low of $24.20 and a 12-month high of $45.09.

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

Insider Buying and Selling at IMAX

In other news, CEO Richard L. Gelfond sold 8,943 shares of the business's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the completion of the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,557,524.66. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 365,064 shares of company stock valued at $13,719,850 in the last ninety days. 20.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IMAX. Wedbush reissued an "outperform" rating and issued a $46.00 target price on shares of IMAX in a research report on Thursday, April 23rd. JPMorgan Chase & Co. dropped their target price on shares of IMAX from $48.00 to $47.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Benchmark lifted their target price on shares of IMAX from $44.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. The Goldman Sachs Group lifted their target price on shares of IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Finally, Wall Street Zen downgraded shares of IMAX from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.00.

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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