IMAX Corporation (NYSE:IMAX) Insider Kenneth Ian Weissman Sells 15,072 Shares

Key Points

• Insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock at an average price of $25.65, totaling approximately $386,596.80, reducing his ownership by 36.58%.
• IMAX's recent earnings report exceeded analysts' expectations, with $0.26 EPS reported against a consensus estimate of $0.19.
• The company's board authorized a stock repurchase plan allowing the repurchase of up to $100 million worth of shares, indicating potential undervaluation.

IMAX Corporation (NYSE:IMAX - Get Free Report) insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $25.65, for a total value of $386,596.80. Following the transaction, the insider directly owned 26,133 shares of the company's stock, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

IMAX Stock Performance

IMAX stock traded down $0.07 during mid-day trading on Thursday, reaching $25.70. 489,322 shares of the company were exchanged, compared to its average volume of 931,868. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $29.66. The firm's 50-day simple moving average is $27.20 and its two-hundred day simple moving average is $25.92. The firm has a market cap of $1.38 billion, a PE ratio of 42.83, a price-to-earnings-growth ratio of 1.81 and a beta of 0.81.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. The business had revenue of $91.68 million during the quarter, compared to the consensus estimate of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%. The company's revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 EPS. As a group, equities research analysts anticipate that IMAX Corporation will post 0.91 EPS for the current year.

IMAX declared that its board has authorized a stock repurchase plan on Thursday, June 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of research analyst reports. Macquarie upped their target price on IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Benchmark upped their target price on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Roth Capital reissued a "buy" rating and issued a $36.00 target price on shares of IMAX in a research report on Wednesday, July 9th. Wells Fargo & Company upped their target price on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised IMAX from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.80.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently bought and sold shares of IMAX. TD Waterhouse Canada Inc. grew its holdings in IMAX by 125.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company's stock valued at $25,000 after buying an additional 500 shares during the last quarter. Creative Financial Designs Inc. ADV acquired a new stake in IMAX during the 1st quarter valued at $59,000. Ridgewood Investments LLC acquired a new stake in IMAX during the 2nd quarter valued at $62,000. Tower Research Capital LLC TRC grew its holdings in IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock valued at $185,000 after buying an additional 5,832 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in IMAX during the 1st quarter valued at $202,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.