IMAX (NYSE:IMAX) CEO Richard Gelfond Sells 6,924 Shares

Key Points

• IMAX CEO Richard Gelfond sold 6,924 shares on April 14 at an average price of $37.07 for about $256,673 under a pre-arranged Rule 10b5-1 plan, trimming his ownership by 0.90% to 765,002 shares valued near $28.36M.
• IMAX topped expectations in its most recent quarter with EPS of $0.58 vs. $0.43 consensus and revenue of $125.21M, a 35.1% year-over-year increase.
• Wall Street is broadly positive—ten Buys and one Hold—with a consensus price target of $43.70 and several firms recently raising targets and ratings.

IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 6,924 shares of the firm's stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $37.07, for a total value of $256,672.68. Following the completion of the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,358,624.14. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Price Performance

NYSE:IMAX traded up $0.20 during mid-day trading on Wednesday, reaching $37.03. The company's stock had a trading volume of 728,682 shares, compared to its average volume of 1,081,014. The company's fifty day simple moving average is $38.22 and its two-hundred day simple moving average is $36.13. IMAX Corporation has a twelve month low of $21.49 and a twelve month high of $43.16. The stock has a market cap of $2.00 billion, a P/E ratio of 59.72, a P/E/G ratio of 1.68 and a beta of 0.41.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.15. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The firm had revenue of $125.21 million for the quarter, compared to analyst estimates of $120.30 million. During the same period last year, the company earned $0.27 EPS. The firm's quarterly revenue was up 35.1% on a year-over-year basis. Sell-side analysts expect that IMAX Corporation will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On IMAX

A number of institutional investors have recently made changes to their positions in IMAX. Westfield Capital Management Co. LP acquired a new position in shares of IMAX in the 3rd quarter valued at approximately $53,141,000. Orbis Allan Gray Ltd raised its position in shares of IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company's stock valued at $142,960,000 after purchasing an additional 1,230,267 shares in the last quarter. Divisadero Street Capital Management LP acquired a new position in shares of IMAX in the 3rd quarter valued at approximately $20,975,000. Marsico Capital Management LLC acquired a new position in shares of IMAX in the 4th quarter valued at approximately $18,149,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of IMAX in the 2nd quarter valued at approximately $12,568,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company raised their price target on IMAX from $40.00 to $47.00 and gave the stock an "overweight" rating in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of IMAX in a research note on Monday, December 29th. Barrington Research reaffirmed an "outperform" rating and issued a $42.00 price objective on shares of IMAX in a research note on Monday, January 26th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $47.00 price objective on shares of IMAX in a research note on Tuesday, February 24th. Finally, Macquarie Infrastructure lifted their price objective on IMAX from $39.00 to $44.00 and gave the company an "outperform" rating in a research note on Thursday, January 15th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $43.70.

IMAX Company 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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