Analysts Expect Imax Corporation (IMAX) Will Post Earnings of $0.05 Per Share
Wall Street brokerages expect Imax Corporation (NYSE:IMAX) to report earnings per share of $0.05 for the current quarter, according to Zacks. Five analysts have issued estimates for Imax Corporation’s earnings, with the highest EPS estimate coming in at $0.11 and the lowest estimate coming in at $0.00. Imax Corporation reported earnings per share of $0.12 in the same quarter last year, which would suggest a negative year over year growth rate of 58.3%. The company is scheduled to issue its next earnings report on Thursday, October 19th.
On average, analysts expect that Imax Corporation will report full year earnings of $0.65 per share for the current financial year, with EPS estimates ranging from $0.54 to $0.72. For the next financial year, analysts expect that the firm will report earnings of $1.07 per share, with EPS estimates ranging from $0.85 to $1.25. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that cover Imax Corporation.
Imax Corporation (NYSE:IMAX) last released its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.17. The company had revenue of $87.76 million for the quarter, compared to analyst estimates of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS.
Several research analysts recently commented on IMAX shares. Canaccord Genuity set a $33.00 price target on Imax Corporation and gave the company a “buy” rating in a research report on Friday, August 18th. BidaskClub cut Imax Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 16th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $27.00 price objective on shares of Imax Corporation in a research report on Thursday, August 3rd. Zacks Investment Research raised Imax Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, B. Riley reissued a “buy” rating and set a $35.00 price target on shares of Imax Corporation in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $34.82.
In other news, CFO Patrick Mcclymont sold 1,760 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total value of $36,080.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Eric A. Demirian sold 2,670 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total transaction of $67,017.00. Following the completion of the transaction, the director now directly owns 17,945 shares in the company, valued at approximately $450,419.50. The disclosure for this sale can be found here. Corporate insiders own 18.90% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its position in Imax Corporation by 1,151.0% in the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock worth $150,000 after buying an additional 6,273 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock worth $156,000 after buying an additional 2,546 shares in the last quarter. Seven Eight Capital LP raised its stake in Imax Corporation by 1,115.7% in the second quarter. Seven Eight Capital LP now owns 7,294 shares of the company’s stock worth $160,000 after buying an additional 6,694 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Imax Corporation during the first quarter worth $173,000. Finally, Aperio Group LLC purchased a new stake in Imax Corporation during the second quarter worth $205,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.
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Imax Corporation (IMAX) traded up 2.45% on Friday, reaching $18.80. 763,492 shares of the company’s stock were exchanged. The stock has a market capitalization of $1.22 billion, a P/E ratio of 127.03 and a beta of 0.90. The firm’s 50 day moving average is $20.28 and its 200 day moving average is $27.21. Imax Corporation has a 1-year low of $17.58 and a 1-year high of $35.30.
Imax Corporation announced that its board has initiated a stock repurchase program on Monday, June 12th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Imax Corporation Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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