Pier Capital LLC Buys 112,397 Shares of IMAX Corporation $IMAX

Key Points

• Pier Capital LLC increased its stake in IMAX by 85% in Q4, buying 112,397 shares to own 244,589 shares (about 0.45% of IMAX) worth ~$9.04 million, making IMAX 1.4% of its portfolio and its 13th largest holding.
• Insiders sold significant stock recently: CEO Richard Gelfond sold 135,046 shares (~$5.11M) and Kevin Douglas sold 330,200 shares (~$12.49M); insiders disposed of 1,054,284 shares (~$40.06M) in the past three months but still own 20.55% of IMAX.
• IMAX beat quarterly estimates, reporting $0.17 EPS vs. $0.15 expected and $81.38M revenue, and analysts maintain a positive view with a consensus "Moderate Buy" and an average target price of $44.00 after several target increases.

Pier Capital LLC grew its stake in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 85.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 244,589 shares of the company's stock after purchasing an additional 112,397 shares during the period. IMAX makes up 1.4% of Pier Capital LLC's investment portfolio, making the stock its 13th largest holding. Pier Capital LLC owned approximately 0.45% of IMAX worth $9,040,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new position in IMAX during the 3rd quarter valued at about $27,000. Jones Financial Companies Lllp lifted its position in IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the period. First Horizon Corp purchased a new position in IMAX during the 3rd quarter valued at about $34,000. Clearstead Advisors LLC purchased a new position in IMAX during the 3rd quarter valued at about $35,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock valued at $38,000 after acquiring an additional 1,109 shares during the period. Institutional investors own 93.51% of the company's stock.

Insider Buying and Selling at IMAX

In other news, CEO Richard L. Gelfond sold 135,046 shares of the business's stock in a transaction on Friday, April 10th. The shares were 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 of the company's stock, valued at approximately $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. The transaction 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. Also, insider Kevin Douglas sold 330,200 shares of the company's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the sale, the insider directly owned 3,657,450 shares in the company, valued at approximately $138,324,759. The trade was a 8.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,054,284 shares of company stock worth $40,062,532 in the last three months. Insiders own 20.55% of the company's stock.

IMAX Trading Down 0.1%

Shares of NYSE IMAX opened at $35.67 on Friday. The firm has a 50 day moving average of $38.13 and a 200 day moving average of $36.57. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 54.87, a price-to-earnings-growth ratio of 1.57 and a beta of 0.37. 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 announced its earnings results 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. The company had revenue of $81.38 million during the quarter, compared to analyst estimates of $79.82 million. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.13 earnings per share. Sell-side analysts predict that IMAX Corporation will post 1.32 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on IMAX shares. Benchmark lifted their target price on shares of IMAX from $42.00 to $44.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Seaport Research Partners lifted their target price on shares of IMAX from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Macquarie Infrastructure lifted their target price on shares of IMAX from $39.00 to $44.00 and gave the stock an "outperform" rating in a report on Thursday, January 15th. Wedbush reaffirmed an "outperform" rating and issued a $46.00 target price on shares of IMAX in a report on Thursday, April 23rd. Finally, Barrington Research lifted their target price on shares of IMAX from $42.00 to $46.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.00.

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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