Richard Gelfond Sells 97,462 Shares of IMAX (NYSE:IMAX) Stock

Key Points

• IMAX CEO Richard Gelfond sold 97,462 shares on April 13 at an average price of $37.15 for about $3.62 million, trimming his stake by 11.3% to 765,002 shares worth roughly $28.42 million; the sale was executed under a pre-arranged Rule 10b5-1 plan.
• IMAX stock recently traded around $37.03 (up $0.20), with a 12‑month range of $21.49–$43.16, a market cap near $2.0 billion, a P/E of about 59.7, and 50-/200-day moving averages of $38.22 and $36.13 respectively.
• Analysts are largely bullish—ten Buy ratings and one Hold with an average target of $43.70—and IMAX recently beat quarterly expectations, reporting $0.58 EPS versus $0.43 expected and revenue up 35.1% year-over-year.

IMAX Corporation (NYSE:IMAX - Get Free Report) CEO Richard Gelfond sold 97,462 shares of the business's stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $37.15, for a total transaction of $3,620,713.30. Following the completion of the sale, the chief executive officer owned 765,002 shares of the company's stock, valued at approximately $28,419,824.30. The trade was a 11.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Stock Performance

IMAX stock traded up $0.20 during trading on Wednesday, reaching $37.03. The company had a trading volume of 728,682 shares, compared to its average volume of 1,081,014. IMAX Corporation has a 12-month low of $21.49 and a 12-month high of $43.16. The stock's 50 day moving average price is $38.22 and its two-hundred day moving average price is $36.13. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 59.72, a PEG ratio of 1.68 and a beta of 0.41.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The company had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. During the same period in the previous year, the firm earned $0.27 earnings per share. IMAX's revenue for the quarter was up 35.1% on a year-over-year basis. As a group, research analysts expect that IMAX Corporation will post 0.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on IMAX shares. Rosenblatt Securities reiterated a "buy" rating and set a $47.00 price objective on shares of IMAX in a research note on Tuesday, February 24th. Seaport Research Partners boosted their price objective on shares of IMAX from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Wednesday, April 8th. Wedbush restated an "outperform" rating and issued a $46.00 target price on shares of IMAX in a research note on Monday, February 23rd. Macquarie Infrastructure upped their target price on shares of IMAX from $39.00 to $44.00 and gave the company an "outperform" rating in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of IMAX from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.70.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Aurora Investment Counsel grew its position in IMAX by 0.4% in the 3rd quarter. Aurora Investment Counsel now owns 70,235 shares of the company's stock valued at $2,300,000 after buying an additional 308 shares in the last quarter. Jones Financial Companies Lllp grew its position in 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 buying an additional 317 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in IMAX by 28.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company's stock valued at $55,000 after buying an additional 332 shares in the last quarter. GAMMA Investing LLC grew its position in IMAX by 22.3% in the 4th quarter. GAMMA Investing LLC now owns 1,874 shares of the company's stock valued at $69,000 after buying an additional 342 shares in the last quarter. Finally, Arizona State Retirement System grew its position in IMAX by 2.8% in the 3rd quarter. Arizona State Retirement System now owns 13,517 shares of the company's stock valued at $443,000 after buying an additional 364 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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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