Sit Investment Associates Inc. Has $1.86 Million Holdings in IMAX Corporation $IMAX

Sit Investment Associates Inc. grew its holdings in IMAX Corporation (NYSE:IMAX) by 184.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,350 shares of the company’s stock after purchasing an additional 32,675 shares during the quarter. Sit Investment Associates Inc. owned approximately 0.09% of IMAX worth $1,861,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of IMAX. CIBC Private Wealth Group LLC bought a new stake in shares of IMAX during the third quarter worth approximately $27,000. Quarry LP boosted its stake in IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after acquiring an additional 547 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after acquiring an additional 317 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in IMAX during the 3rd quarter worth $35,000. Finally, Torren Management LLC acquired a new stake in IMAX during the 4th quarter worth $40,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

Analysts Set New Price Targets

IMAX has been the topic of several recent research reports. The Goldman Sachs Group raised their price target on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Seaport Research Partners upped their price objective on IMAX from $43.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Wedbush reissued an “outperform” rating and issued a $46.00 target price on shares of IMAX in a research note on Thursday, April 23rd. Wall Street Zen cut IMAX from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.00.

Insider Activity

In related news, CEO Richard L. Gelfond sold 135,046 shares of the stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,932,375.64. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 365,064 shares of company stock worth $13,719,850 in the last ninety days. 20.55% of the stock is currently owned by company insiders.

IMAX Trading Down 0.2%

Shares of NYSE IMAX opened at $44.24 on Friday. The firm has a market cap of $2.43 billion, a PE ratio of 68.06, a PEG ratio of 1.57 and a beta of 0.37. IMAX Corporation has a 1-year low of $24.20 and a 1-year high of $45.16. The company has a fifty day moving average price of $37.91 and a 200 day moving average price of $37.51.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $81.38 million for the quarter, compared to the consensus estimate of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS. Equities research analysts forecast that IMAX Corporation will post 1.34 EPS for the current year.

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.