Westfield Capital Management Co. LP Grows Position in IMAX Corporation $IMAX

Key Points

• Westfield Capital Management increased its IMAX stake by 44.6% in the fourth quarter, ending with 2.35 million shares valued at about $86.7 million.
• IMAX reported quarterly earnings of $0.17 per share, topping analyst expectations, while revenue of $81.38 million also came in above estimates despite a 6.1% year-over-year decline.
• Analysts remain broadly constructive, with a Moderate Buy consensus and an average price target of $48, even as company insiders have sold shares in recent months.

Westfield Capital Management Co. LP lifted its holdings in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 44.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,346,486 shares of the company's stock after buying an additional 723,861 shares during the period. Westfield Capital Management Co. LP owned approximately 4.36% of IMAX worth $86,726,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new stake in shares of IMAX during the third quarter valued at $27,000. Jones Financial Companies Lllp increased its stake in shares of IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company's stock worth $34,000 after purchasing an additional 317 shares in the last quarter. Clearstead Advisors LLC purchased a new stake in shares of IMAX in the 3rd quarter worth $35,000. Torren Management LLC purchased a new stake in shares of IMAX in the 4th quarter worth $40,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of IMAX by 2,310.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock worth $38,000 after purchasing an additional 1,109 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Stock Up 0.1%

IMAX opened at $39.01 on Friday. The firm has a 50-day simple moving average of $37.09 and a two-hundred day simple moving average of $37.05. IMAX Corporation has a 52 week low of $24.20 and a 52 week high of $43.16. The company has a market capitalization of $2.15 billion, a PE ratio of 60.01, a price-to-earnings-growth ratio of 1.38 and a beta of 0.37.

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

Insider Activity

In other IMAX news, CEO Richard L. Gelfond sold 135,046 shares of the stock in a transaction dated Friday, April 10th. The shares were 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 owned 765,002 shares of the company's stock, valued at $28,932,375.64. This represents a 15.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 dated 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 transaction, the insider directly owned 3,657,450 shares of the company's stock, valued at $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. Insiders have sold a total of 1,054,284 shares of company stock valued at $40,062,532 in the last three months. Insiders own 20.55% of the company's stock.

Wall Street Analysts Forecast Growth

IMAX has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on shares of IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Monday, March 2nd. Seaport Research Partners upped 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $47.00 target price on shares of IMAX in a report on Monday, April 20th. Wedbush reaffirmed an "outperform" rating and issued a $46.00 target price on shares of IMAX in a report on Thursday, April 23rd. Finally, Wall Street Zen downgraded shares of IMAX from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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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