IMAX (NYSE:IMAX) CEO Sells 12,037 Shares

Key Points

• IMAX CEO Richard Gelfond sold 12,037 shares on April 2 under a pre-arranged Rule 10b5-1 plan at an average price of $40.00, totaling $481,480 and reducing his stake by 1.55% to 765,002 shares.
• Strong quarterly results: IMAX reported EPS of $0.58 versus $0.43 expected and revenue of $125.21M, up 35.1% year‑over‑year.
• The stock traded down about 2% to $39.32, holds a market cap of roughly $2.12B, and has a consensus rating of "Moderate Buy" with a target of $43.70.

IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 12,037 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $40.00, for a total value of $481,480.00. Following the transaction, the chief executive officer owned 765,002 shares of the company's stock, valued at $30,600,080. This trade represents a 1.55% decrease in their position. The sale 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.

IMAX Trading Down 2.0%

Shares of NYSE IMAX traded down $0.81 during midday trading on Monday, hitting $39.32. The company's stock had a trading volume of 1,087,503 shares, compared to its average volume of 1,104,984. IMAX Corporation has a 12-month low of $20.48 and a 12-month high of $43.16. The firm has a market cap of $2.12 billion, a P/E ratio of 63.42, a price-to-earnings-growth ratio of 1.89 and a beta of 0.41. The business's 50 day moving average is $37.78 and its two-hundred day moving average is $35.86.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $125.21 million during the quarter, compared to analysts' expectations of $120.30 million. During the same quarter in the previous year, the business earned $0.27 EPS. IMAX's revenue was up 35.1% compared to the same quarter last year. On average, analysts predict that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of IMAX

Several institutional investors and hedge funds have recently made changes to their positions in IMAX. CIBC Private Wealth Group LLC purchased a new stake in IMAX in the third quarter worth about $27,000. Quarry LP increased its position in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company's stock valued at $32,000 after purchasing an additional 547 shares during the period. Jones Financial Companies Lllp raised its holdings 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 valued at $34,000 after purchasing an additional 317 shares in the last quarter. First Horizon Corp bought a new stake in shares of IMAX in the 3rd quarter valued at about $34,000. Finally, Clearstead Advisors LLC purchased a new stake in shares of IMAX in the 3rd quarter worth approximately $35,000. 93.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on IMAX shares. Benchmark raised their price target on shares of IMAX from $42.00 to $44.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Wall Street Zen cut shares of IMAX from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Barrington Research restated an "outperform" rating and issued a $42.00 target price on shares of IMAX in a research note on Monday, January 26th. Macquarie Infrastructure raised their target price on shares of IMAX from $39.00 to $44.00 and gave the stock an "outperform" rating in a research report on Thursday, January 15th. Finally, The Goldman Sachs Group lifted their price target on shares of IMAX from $37.00 to $41.00 and gave the company a "neutral" rating in a research note on Monday, March 2nd. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.