IMAX (NYSE:IMAX) CEO Sells $1,546,355.85 in Stock

Key Points

• IMAX CEO Richard Gelfond sold 41,737 shares at an average price of $37.05 for $1,546,355.85 on April 16 under a pre-arranged Rule 10b5-1 plan, trimming his stake by 5.17% to 765,002 shares valued at about $28.34 million.
• The company reported a strong quarter with EPS of $0.58 beating estimates by $0.15 and revenue of $125.21 million (up 35.1% YoY); the stock traded near $35.96 with a market cap of $1.94 billion and a 52-week range of $21.86–$43.16.
• Analysts remain largely positive—ten Buy ratings versus one Hold—with a consensus price target of about $43.70 and several firms recently bumping targets into the mid-$40s.

IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 41,737 shares of the firm's stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $37.05, for a total value of $1,546,355.85. Following the completion of the transaction, the chief executive officer owned 765,002 shares of the company's stock, valued at $28,343,324.10. This trade represents a 5.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Performance

IMAX stock traded up $0.87 during midday trading on Monday, reaching $35.96. The stock had a trading volume of 1,444,050 shares, compared to its average volume of 1,106,186. The stock has a market cap of $1.94 billion, a PE ratio of 57.99, a P/E/G ratio of 1.60 and a beta of 0.41. The firm has a fifty day simple moving average of $38.21 and a two-hundred day simple moving average of $36.21. IMAX Corporation has a 52-week low of $21.86 and a 52-week high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last issued its 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 company had revenue of $125.21 million during the quarter, compared to analyst estimates of $120.30 million. During the same quarter last year, the business posted $0.27 EPS. The firm's quarterly revenue was up 35.1% on a year-over-year basis. On average, sell-side analysts predict that IMAX Corporation will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Seaport Research Partners raised 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. Wedbush reissued an "outperform" rating and set a $46.00 target price on shares of IMAX in a report on Monday, February 23rd. Barrington Research reissued an "outperform" rating and set a $42.00 target price on shares of IMAX in a report on Monday, January 26th. JPMorgan Chase & Co. raised their target price on shares of IMAX from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Finally, Macquarie Infrastructure lifted their target price on shares of IMAX from $39.00 to $44.00 and gave the company an "outperform" rating in a report on Thursday, January 15th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.70.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. CIBC Private Wealth Group LLC purchased a new position in IMAX in the third quarter valued at $27,000. Quarry LP increased its holdings in IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after acquiring an additional 547 shares in the last quarter. First Horizon Corp purchased a new stake in IMAX in the 3rd quarter worth $34,000. Jones Financial Companies Lllp increased its holdings in 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 acquiring an additional 317 shares in the last quarter. Finally, Clearstead Advisors LLC purchased a new stake in IMAX in the 3rd quarter worth $35,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

About IMAX

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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