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

IMAX (NYSE:IMAX) announced its earnings results on Thursday. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.03 by $0.05, reports. The firm had revenue of $79.12 million for the quarter, compared to the consensus estimate of $77.88 million. IMAX had a net margin of 7.13% and a return on equity of 9.37%.

IMAX Price Performance

IMAX stock opened at $17.14 on Friday. IMAX has a 1 year low of $13.20 and a 1 year high of $21.82. The company has a 50 day simple moving average of $16.37 and a 200 day simple moving average of $16.10. The stock has a market cap of $907.56 million, a price-to-earnings ratio of 35.71, a P/E/G ratio of 1.53 and a beta of 1.25.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, VP Robert D. Lister sold 25,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $2,343,057.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 24.33% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IMAX. Private Capital Management LLC boosted its stake in IMAX by 54.3% during the 4th quarter. Private Capital Management LLC now owns 1,185,715 shares of the company’s stock valued at $17,809,000 after purchasing an additional 417,169 shares during the last quarter. Mizuho Markets Americas LLC bought a new position in IMAX during the 3rd quarter valued at $7,118,000. Kodai Capital Management LP purchased a new position in IMAX during the 4th quarter worth $5,287,000. Alpine Woods Capital Investors LLC grew its stake in shares of IMAX by 33.8% in the 3rd quarter. Alpine Woods Capital Investors LLC now owns 392,278 shares of the company’s stock worth $7,579,000 after acquiring an additional 99,163 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings 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 valued at $12,396,000 after purchasing an additional 95,182 shares during the last quarter. 93.51% of the stock is owned by institutional investors.

IMAX Company 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.