IMAX Co. (NYSE:IMAX) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its holdings in IMAX Co. (NYSE:IMAX) by 5.6% in the third quarter, HoldingsChannel.com reports. The firm owned 816,832 shares of the company’s stock after selling 48,646 shares during the period. Franklin Resources Inc.’s holdings in IMAX were worth $17,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of IMAX by 108.4% in the 3rd quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after buying an additional 2,054,031 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after acquiring an additional 279,410 shares during the period. Castleark Management LLC bought a new position in shares of IMAX during the third quarter valued at approximately $5,199,000. Finally, Pier Capital LLC acquired a new stake in shares of IMAX during the 3rd quarter worth approximately $4,221,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Stock Down 1.3 %

Shares of IMAX stock opened at $24.52 on Friday. The business has a fifty day simple moving average of $23.95 and a 200-day simple moving average of $20.66. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 55.73, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23. IMAX Co. has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. During the same quarter last year, the firm posted $0.27 EPS. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. Analysts anticipate that IMAX Co. will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares of the company’s stock, valued at $641,295.89. This represents a 20.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This represents a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,176 shares of company stock valued at $1,662,110. Corporate insiders own 24.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wedbush restated an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price objective on shares of IMAX in a report on Thursday, October 31st. Barrington Research reissued an “outperform” rating and set a $24.00 target price on shares of IMAX in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Roth Mkm boosted their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.11.

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.