Insider Selling: IMAX (NYSE:IMAX) CEO Sells 8,943 Shares of Stock

Key Points

• IMAX CEO Richard Gelfond sold 8,943 shares on April 27 at an average price of $37.33 for proceeds of $333,842, a transaction executed under a pre-arranged Rule 10b5-1 plan that reduced his stake by 1.16% to 765,002 shares.
• Strong quarterly results: IMAX reported $0.58 EPS vs. $0.43 expected and $125.21M revenue (vs. $120.30M), with revenue up 35.1% year-over-year.
• Market and analyst view: The company has a $2.0B market cap, P/E of 59.7, and an average analyst rating of "Moderate Buy" with a mean price target of $43.70.

IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 8,943 shares of the business's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares of the company's stock, valued at $28,557,524.66. This trade represents a 1.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Performance

NYSE:IMAX traded down $0.11 during trading hours on Tuesday, reaching $37.02. The company's stock had a trading volume of 913,660 shares, compared to its average volume of 1,089,926. The company has a market capitalization of $2.00 billion, a P/E ratio of 59.70, a price-to-earnings-growth ratio of 1.64 and a beta of 0.41. The stock has a 50 day moving average price of $38.24 and a two-hundred day moving average price of $36.36. IMAX Corporation has a 12 month low of $22.54 and a 12 month high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.15. The business had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The firm's revenue was up 35.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 earnings per share. As a group, analysts predict that IMAX Corporation will post 1.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IMAX

Hedge funds have recently modified their holdings of the stock. Divisadero Street Capital Management LP acquired a new position in shares of IMAX during the third quarter valued at about $20,975,000. Principal Financial Group Inc. increased its holdings in shares of IMAX by 67.8% during the third quarter. Principal Financial Group Inc. now owns 70,927 shares of the company's stock valued at $2,323,000 after acquiring an additional 28,667 shares in the last quarter. Citigroup Inc. increased its holdings in shares of IMAX by 267.7% during the third quarter. Citigroup Inc. now owns 66,769 shares of the company's stock valued at $2,187,000 after acquiring an additional 48,609 shares in the last quarter. Zhang Financial LLC acquired a new position in shares of IMAX during the third quarter valued at about $903,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of IMAX during the third quarter valued at about $4,893,000. Institutional investors and hedge funds own 93.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings downgraded shares of IMAX from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Wall Street Zen downgraded shares of IMAX from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 28th. Benchmark boosted their target price on shares of IMAX from $42.00 to $44.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. The Goldman Sachs Group boosted their target price on shares of IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Monday, March 2nd. Finally, Barrington Research reiterated an "outperform" rating and issued a $42.00 target price on shares of IMAX in a report on Monday, January 26th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, IMAX currently has an average rating of "Moderate Buy" and an average 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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