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

Franklin Resources Inc. lowered its position in shares of IMAX Co. (NYSE:IMAX) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 816,832 shares of the company’s stock after selling 48,646 shares during the quarter. Franklin Resources Inc. owned approximately 1.55% of IMAX worth $17,358,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Huntington National Bank acquired a new stake in shares of IMAX during the third quarter worth $34,000. Headlands Technologies LLC purchased a new position in IMAX during the second quarter worth about $35,000. Quarry LP boosted its stake in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after buying an additional 2,350 shares during the last quarter. nVerses Capital LLC purchased a new stake in IMAX in the 3rd quarter valued at about $70,000. Finally, Summit Securities Group LLC acquired a new position in shares of IMAX during the 2nd quarter valued at about $80,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Rosenblatt Securities reissued a “buy” rating and set a $28.00 price objective on shares of IMAX in a research note on Thursday, October 31st. Barrington Research reaffirmed an “outperform” rating and issued a $24.00 target price on shares of IMAX in a research report on Thursday, October 31st. Benchmark boosted their price target on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.11.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 in the last quarter. Company insiders own 24.08% of the company’s stock.

IMAX Price Performance

Shares of NYSE IMAX opened at $24.52 on Friday. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 55.73, a PEG ratio of 1.69 and a beta of 1.23. IMAX Co. has a 1-year low of $13.20 and a 1-year high of $26.84. The business has a 50-day moving average of $23.95 and a 200-day moving average of $20.66.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) 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 the consensus estimate of $93.71 million. During the same quarter last year, the company earned $0.27 earnings per share. IMAX’s revenue for the quarter was down 11.9% on a year-over-year basis. Research analysts expect that IMAX Co. will post 0.77 EPS for the current fiscal year.

IMAX Profile

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.