Imax Corporation (IMAX) Expected to Post Quarterly Sales of $86.95 Million
Analysts expect Imax Corporation (NYSE:IMAX) to post $86.95 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Imax Corporation’s earnings, with the lowest sales estimate coming in at $77.90 million and the highest estimate coming in at $98.82 million. Imax Corporation posted sales of $86.55 million during the same quarter last year, which suggests a positive year-over-year growth rate of 0.5%. The company is expected to announce its next quarterly earnings results on Thursday, October 19th.
On average, analysts expect that Imax Corporation will report full year sales of $86.95 million for the current financial year, with estimates ranging from $354.40 million to $404.01 million. For the next year, analysts anticipate that the firm will post sales of $423.84 million per share, with estimates ranging from $396.17 million to $458.32 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Imax Corporation.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.17. The firm had revenue of $87.76 million during the quarter, compared to the consensus estimate of $89.26 million. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The firm’s revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS.
Several research firms have weighed in on IMAX. B. Riley restated a “buy” rating and set a $46.00 target price on shares of Imax Corporation in a research note on Saturday, May 20th. BidaskClub cut Imax Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 16th. Canaccord Genuity set a $33.00 target price on Imax Corporation and gave the stock a “buy” rating in a research note on Friday, August 18th. Finally, Roth Capital set a $33.00 target price on Imax Corporation and gave the stock a “buy” rating in a research note on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. Imax Corporation presently has a consensus rating of “Hold” and an average price target of $34.82.
In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the stock in a transaction dated 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 sale, the director now directly owns 17,945 shares in the company, valued at approximately $450,419.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Patrick Mcclymont sold 1,760 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total value of $36,080.00. The disclosure for this sale can be found here. Corporate insiders own 18.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of IMAX. Franklin Resources Inc. increased its stake in shares of Imax Corporation by 33.4% in the second quarter. Franklin Resources Inc. now owns 5,063,469 shares of the company’s stock worth $111,412,000 after buying an additional 1,266,939 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in shares of Imax Corporation during the second quarter worth $84,137,000. Alliancebernstein L.P. increased its stake in shares of Imax Corporation by 2.3% in the second quarter. Alliancebernstein L.P. now owns 3,255,313 shares of the company’s stock worth $71,617,000 after buying an additional 73,675 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Imax Corporation by 4.0% in the first quarter. Victory Capital Management Inc. now owns 3,163,030 shares of the company’s stock worth $107,543,000 after buying an additional 120,995 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Imax Corporation by 54,861.2% in the first quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock worth $88,651,000 after buying an additional 2,602,613 shares during the last quarter. Hedge funds and other institutional investors own 83.72% of the company’s stock.
Shares of Imax Corporation (IMAX) traded up 1.37% on Friday, reaching $18.50. The company had a trading volume of 643,638 shares. The company’s 50-day moving average is $20.28 and its 200 day moving average is $27.21. The firm has a market capitalization of $1.20 billion, a PE ratio of 125.00 and a beta of 0.90. Imax Corporation has a 12 month low of $17.58 and a 12 month high of $35.30.
Imax Corporation announced that its board has authorized a share buyback plan on Monday, June 12th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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About Imax Corporation
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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