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

IMAX (NYSE:IMAX) announced its quarterly earnings data on Thursday. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.03 by $0.05, reports. The company had revenue of $79.12 million during 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 Stock Performance

IMAX traded down $0.31 during mid-day trading on Friday, reaching $17.15. 1,724,835 shares of the stock were exchanged, compared to its average volume of 921,912. The stock has a market capitalization of $908.09 million, a PE ratio of 35.73, a price-to-earnings-growth ratio of 1.50 and a beta of 1.25. The company has a 50 day moving average price of $16.41 and a two-hundred day moving average price of $16.06. IMAX has a 1 year low of $13.20 and a 1 year high of $21.82.

Analysts Set New Price Targets

IMAX has been the subject of several research reports. The Goldman Sachs Group reduced their price target on shares of IMAX from $15.00 to $13.00 and set a “sell” rating for the company in a research report on Thursday, January 11th. Benchmark reissued a “buy” rating and issued a $22.00 price target on shares of IMAX in a research report on Friday. StockNews.com downgraded shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, January 27th. Rosenblatt Securities reduced their price target 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. Finally, Wedbush reissued an “outperform” rating and issued a $22.00 price target on shares of IMAX in a research report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, IMAX currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.57.

Insiders Place Their Bets

In other news, VP Robert D. Lister sold 25,000 shares of IMAX stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.87, for a total transaction of $421,750.00. Following the sale, the vice president now directly owns 138,889 shares in the company, valued at approximately $2,343,057.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.33% of the company’s stock.

Institutional Investors Weigh In On IMAX

A number of hedge funds have recently made changes to their positions in the business. Swiss National Bank raised its stake in IMAX by 8.5% in the 3rd quarter. Swiss National Bank now owns 102,000 shares of the company’s stock valued at $1,971,000 after acquiring an additional 8,000 shares during the period. Mizuho Markets Americas LLC bought a new stake in IMAX in the 3rd quarter valued at about $7,118,000. Alpine Woods Capital Investors LLC raised its stake in IMAX by 33.8% in the 3rd quarter. Alpine Woods Capital Investors LLC now owns 392,278 shares of the company’s stock valued at $7,579,000 after acquiring an additional 99,163 shares during the period. Mutual of America Capital Management LLC raised its stake in IMAX by 44.0% in the 4th quarter. Mutual of America Capital Management LLC now owns 158,022 shares of the company’s stock valued at $2,373,000 after acquiring an additional 48,266 shares during the period. Finally, GTS Securities LLC bought a new stake in IMAX in the 3rd quarter valued at about $1,092,000. 93.51% of the stock is currently owned by institutional investors.

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.