IMAX (NYSE:IMAX) Issues Earnings Results, Beats Expectations By $0.05 EPS

IMAX (NYSE:IMAX) posted its quarterly earnings results on Thursday. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05, reports. IMAX had a net margin of 7.13% and a return on equity of 9.37%. The business had revenue of $79.12 million for the quarter, compared to analysts’ expectations of $77.88 million.

IMAX Trading Down 1.8 %

Shares of NYSE:IMAX opened at $17.14 on Friday. IMAX has a 12-month low of $13.20 and a 12-month high of $21.82. The stock’s 50-day moving average price is $16.37 and its two-hundred day moving average price is $16.10. The firm has a market cap of $907.56 million, a price-to-earnings ratio of 35.71, a PEG ratio of 1.53 and a beta of 1.25.

Insider Transactions at IMAX

In other IMAX news, VP Robert D. Lister sold 25,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $16.87, for a total transaction of $421,750.00. Following the transaction, the vice president now owns 138,889 shares of the company’s stock, valued at $2,343,057.43. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 24.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Capital Management LLC raised its holdings in IMAX by 54.3% in the fourth quarter. Private Capital Management LLC now owns 1,185,715 shares of the company’s stock valued at $17,809,000 after buying an additional 417,169 shares during the period. Mizuho Markets Americas LLC acquired a new stake in IMAX in the 3rd quarter valued at $7,118,000. Kodai Capital Management LP purchased a new position in IMAX in the fourth quarter valued at about $5,287,000. Alpine Woods Capital Investors LLC lifted its stake in shares of IMAX by 33.8% during the third quarter. Alpine Woods Capital Investors LLC now owns 392,278 shares of the company’s stock worth $7,579,000 after purchasing an additional 99,163 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of IMAX by 13.0% in the fourth quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock worth $12,396,000 after buying an additional 95,182 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Rosenblatt Securities lowered their price target on IMAX from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, February 13th. Wedbush reaffirmed an “outperform” rating and set a $22.00 price target on shares of IMAX in a research note on Friday. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Monday, April 22nd. B. Riley dropped their price target on IMAX from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on IMAX from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.57.

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.