Imax Corporation (NYSE:IMAX) CEO Greg Foster sold 9,417 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the completion of the sale, the chief executive officer now owns 67,018 shares of the company’s stock, valued at approximately $1,310,201.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Imax Corporation (IMAX) traded up 3.23% on Wednesday, hitting $20.75. The stock had a trading volume of 965,960 shares. The stock has a market capitalization of $1.34 billion, a PE ratio of 140.20 and a beta of 0.95. The firm’s 50 day moving average is $19.59 and its 200-day moving average is $26.11. Imax Corporation has a one year low of $17.58 and a one year high of $35.30.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The company had revenue of $87.76 million during the quarter, compared to analyst estimates of $89.26 million. During the same quarter last year, the business posted $0.18 EPS. Imax Corporation’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities research analysts expect that Imax Corporation will post $0.62 earnings per share for the current fiscal year.
Imax Corporation announced that its Board of Directors has initiated a stock buyback program on Monday, June 12th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to buy up to 12.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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Several hedge funds have recently modified their holdings of IMAX. TimesSquare Capital Management LLC purchased a new stake in shares of Imax Corporation during the 2nd quarter worth approximately $84,137,000. BlackRock Inc. increased its stake in shares of Imax Corporation by 54,861.2% during the 1st quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock worth $88,651,000 after purchasing an additional 2,602,613 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Imax Corporation by 33.4% during the 2nd quarter. Franklin Resources Inc. now owns 5,063,469 shares of the company’s stock worth $111,412,000 after purchasing an additional 1,266,939 shares during the last quarter. Pembroke Management LTD purchased a new stake in shares of Imax Corporation during the 2nd quarter worth approximately $19,949,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Imax Corporation during the 1st quarter worth approximately $29,760,000. Institutional investors own 83.73% of the company’s stock.
IMAX has been the subject of several analyst reports. B. Riley reaffirmed a “buy” rating and set a $43.50 target price on shares of Imax Corporation in a report on Sunday, June 18th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Imax Corporation in a report on Tuesday, June 13th. Roth Capital set a $33.00 target price on Imax Corporation and gave the company a “buy” rating in a report on Tuesday, June 13th. Canaccord Genuity set a $33.00 price target on Imax Corporation and gave the company a “buy” rating in a research report on Thursday, June 8th. Finally, MKM Partners dropped their price target on Imax Corporation from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $34.82.
Imax Corporation Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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