Analysts Anticipate Imax Corporation (IMAX) Will Post Quarterly Sales of $83.59 Million
Analysts expect that Imax Corporation (NYSE:IMAX) will report $83.59 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Imax Corporation’s earnings, with the highest sales estimate coming in at $89.90 million and the lowest estimate coming in at $77.90 million. Imax Corporation posted sales of $86.55 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 3.4%. The company is scheduled to report its next earnings report on Thursday, October 19th.
On average, analysts expect that Imax Corporation will report full-year sales of $83.59 million for the current financial year, with estimates ranging from $354.40 million to $374.70 million. For the next fiscal year, analysts forecast that the firm will report sales of $413.92 million per share, with estimates ranging from $396.17 million to $426.92 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Imax Corporation.
Imax Corporation (NYSE:IMAX) last posted its earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The business had revenue of $87.76 million during the quarter, compared to the consensus estimate of $89.26 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm’s revenue was down 4.3% on a year-over-year basis.
IMAX has been the subject of several recent research reports. BidaskClub raised shares of Imax Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Piper Jaffray Companies set a $35.00 target price on shares of Imax Corporation and gave the stock a “buy” rating in a report on Friday, July 21st. Zacks Investment Research raised shares of Imax Corporation from a “sell” rating to a “hold” rating in a report on Monday, June 19th. Barrington Research cut shares of Imax Corporation from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 12th. Finally, MKM Partners reduced their target price on shares of Imax Corporation from $40.00 to $30.00 and set a “buy” rating for the company in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $32.60.
Imax Corporation (NYSE:IMAX) traded down 1.73% during midday trading on Wednesday, reaching $22.70. 1,369,289 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $20.39 and its 200-day moving average is $25.00. Imax Corporation has a 12-month low of $17.58 and a 12-month high of $35.30. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 153.38 and a beta of 1.00.
Imax Corporation announced that its Board of Directors has initiated a stock buyback plan on Monday, June 12th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, CEO Greg Foster sold 9,417 shares of Imax Corporation stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the sale, the chief executive officer now owns 67,018 shares in the company, valued at $1,310,201.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of Imax Corporation stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. 18.90% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. BNP Paribas Arbitrage SA boosted its position in Imax Corporation by 1,151.0% during the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock worth $150,000 after acquiring an additional 6,273 shares during the last quarter. Seven Eight Capital LP boosted its position in Imax Corporation by 1,115.7% during the second quarter. Seven Eight Capital LP now owns 7,294 shares of the company’s stock worth $160,000 after acquiring an additional 6,694 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in Imax Corporation during the first quarter worth about $173,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Imax Corporation by 13.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock worth $181,000 after acquiring an additional 748 shares during the last quarter. Finally, Aperio Group LLC acquired a new position in Imax Corporation during the second quarter worth about $205,000. Institutional investors and hedge funds own 83.41% of the company’s stock.
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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