Equities analysts expect Imax Corp (NYSE:IMAX) to report sales of $99.08 million for the current quarter, Zacks reports. Four analysts have made estimates for Imax’s earnings, with the highest sales estimate coming in at $101.47 million and the lowest estimate coming in at $95.97 million. Imax posted sales of $98.35 million in the same quarter last year, which suggests a positive year over year growth rate of 0.7%. The company is expected to issue its next earnings report on Wednesday, July 24th.
On average, analysts expect that Imax will report full-year sales of $397.89 million for the current year, with estimates ranging from $390.81 million to $404.53 million. For the next financial year, analysts anticipate that the business will post sales of $413.15 million, with estimates ranging from $392.51 million to $429.75 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Imax.
Imax (NYSE:IMAX) last issued its earnings results on Friday, April 26th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.01. The company had revenue of $80.20 million for the quarter, compared to analyst estimates of $81.29 million. Imax had a net margin of 6.12% and a return on equity of 6.31%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS.
IMAX has been the topic of several recent research reports. Wedbush reaffirmed an “outperform” rating on shares of Imax in a research note on Wednesday, January 30th. Canaccord Genuity lowered shares of Imax from a “buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a research note on Monday, February 25th. Barrington Research reaffirmed a “buy” rating and issued a $27.00 target price on shares of Imax in a research note on Wednesday, March 6th. B. Riley set a $34.00 target price on shares of Imax and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, MKM Partners raised their target price on shares of Imax to $28.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $26.83.
In related news, CEO Richard L. Gelfond sold 8,648 shares of Imax stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $24.48, for a total transaction of $211,703.04. Following the transaction, the chief executive officer now owns 245,279 shares of the company’s stock, valued at approximately $6,004,429.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert D. Lister sold 44,767 shares of Imax stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $22.36, for a total transaction of $1,000,990.12. Following the transaction, the vice president now directly owns 39,163 shares in the company, valued at approximately $875,684.68. The disclosure for this sale can be found here. Insiders have sold a total of 162,930 shares of company stock worth $3,728,839 in the last three months. 18.70% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Imax in the fourth quarter valued at approximately $18,169,000. Voya Investment Management LLC lifted its stake in Imax by 2,907.8% in the first quarter. Voya Investment Management LLC now owns 685,270 shares of the company’s stock valued at $15,542,000 after buying an additional 662,487 shares in the last quarter. Stifel Financial Corp lifted its stake in Imax by 203.2% in the fourth quarter. Stifel Financial Corp now owns 633,011 shares of the company’s stock valued at $11,933,000 after buying an additional 424,264 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Imax by 857.2% in the first quarter. Renaissance Technologies LLC now owns 456,600 shares of the company’s stock valued at $10,356,000 after buying an additional 408,900 shares in the last quarter. Finally, Shapiro Capital Management LLC lifted its stake in Imax by 6.9% in the fourth quarter. Shapiro Capital Management LLC now owns 5,150,005 shares of the company’s stock valued at $96,872,000 after buying an additional 330,598 shares in the last quarter. 78.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE IMAX traded down $0.12 during mid-day trading on Friday, hitting $22.10. The company’s stock had a trading volume of 263,811 shares, compared to its average volume of 401,211. The firm has a market capitalization of $1.43 billion, a PE ratio of 39.46, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. Imax has a one year low of $17.55 and a one year high of $26.10.
IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, and joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.
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