IMAX (NYSE:IMAX) VP Sells $656,000.00 in Stock

Key Points

• IMAX VP Robert Lister sold 20,000 shares of the company's stock for $656,000, reducing his ownership by 11.02% and leaving him with approximately 161,421 shares valued at around $5.3 million.
• The stock is currently trading at around $32.71 and has displayed strong volume, with 1,094,318 shares traded compared to an average of 948,724 shares.
• IMAX's Board of Directors has approved a $100 million stock buyback plan, indicating confidence in the company's future by reacquiring up to 6.5% of its shares.

IMAX Corporation (NYSE:IMAX - Get Free Report) VP Robert Lister sold 20,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $32.80, for a total transaction of $656,000.00. Following the sale, the vice president directly owned 161,421 shares in the company, valued at approximately $5,294,608.80. The trade was a 11.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

IMAX Stock Performance

Shares of NYSE:IMAX traded up $0.35 during trading hours on Monday, reaching $32.71. The stock had a trading volume of 1,094,318 shares, compared to its average volume of 948,724. The firm's 50 day moving average is $27.43 and its 200-day moving average is $26.40. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 54.51, a P/E/G ratio of 2.20 and a beta of 0.68. IMAX Corporation has a 1 year low of $18.76 and a 1 year high of $32.96.

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

IMAX announced that its Board of Directors has approved a stock buyback plan on Thursday, June 12th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On IMAX

A number of institutional investors have recently modified their holdings of the company. Orbis Allan Gray Ltd raised its stake in IMAX by 31.7% during 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 during the last quarter. Jane Street Group LLC lifted its position in IMAX by 2,496.9% during the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock worth $15,123,000 after buying an additional 551,819 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in IMAX during the 2nd quarter worth about $12,568,000. Driehaus Capital Management LLC acquired a new position in IMAX during the 1st quarter worth about $11,181,000. Finally, Jupiter Asset Management Ltd. lifted its position in IMAX by 805.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after purchasing an additional 417,677 shares during the period. Institutional investors own 93.51% of the company's stock.

Wall Street Analyst Weigh In

IMAX has been the subject of a number of research reports. Wedbush lifted their target price on shares of IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Benchmark boosted their price objective on shares of IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Rosenblatt Securities upped their target price on shares of IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Barrington Research reiterated an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research note on Thursday, July 24th. Finally, Roth Capital reissued a "buy" rating and set a $36.00 target price on shares of IMAX in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, IMAX has an average rating of "Moderate Buy" and an average price target of $32.80.

About IMAX

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.

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