IMAX (NYSE:IMAX) VP Robert D. Lister Sells 20,000 Shares

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 D. Lister sold 20,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total value of $656,000.00. Following the transaction, 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 filing with the SEC, which is accessible through this link.

IMAX Stock Performance

Shares of NYSE IMAX traded down $0.35 during mid-day trading on Friday, hitting $31.96. The stock had a trading volume of 1,075,616 shares, compared to its average volume of 1,096,045. The company has a 50 day moving average of $28.01 and a two-hundred day moving average of $26.63. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $32.96. The firm has a market cap of $1.72 billion, a PE ratio of 53.27, a PEG ratio of 2.19 and a beta of 0.68.

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

IMAX announced that its board has initiated a stock buyback program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On IMAX

Hedge funds have recently added to or reduced their stakes in the stock. Jupiter Asset Management Ltd. boosted its stake in shares of IMAX by 805.9% in 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 last quarter. North Star Investment Management Corp. bought a new position in shares of IMAX in the first quarter valued at $290,000. Polar Asset Management Partners Inc. grew its stake in shares of IMAX by 191.6% in the fourth quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company's stock valued at $5,236,000 after buying an additional 134,389 shares in the last quarter. Nuveen LLC bought a new position in shares of IMAX in the first quarter valued at about $4,438,000. Finally, Mizuho Markets Americas LLC raised its position in shares of IMAX by 19.3% in the first quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock valued at $18,721,000 after purchasing an additional 114,800 shares during the period. Institutional investors own 93.51% of the company's stock.

Analyst Upgrades and Downgrades

IMAX has been the topic of a number of recent analyst reports. Wedbush boosted their price target on shares of IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Roth Capital reissued a "buy" rating and issued a $36.00 target price on shares of IMAX in a research note on Wednesday, July 9th. Wall Street Zen lowered shares of IMAX from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. Benchmark lifted their price target on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, The Goldman Sachs Group restated a "sell" rating on shares of IMAX in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.30.

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.