Zacks: Brokerages Expect Imax Corp (IMAX) Will Post Quarterly Sales of $102.12 Million

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Wall Street brokerages expect that Imax Corp (NYSE:IMAX) will report $102.12 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Imax’s earnings. The lowest sales estimate is $100.00 million and the highest is $103.83 million. Imax reported sales of $125.55 million in the same quarter last year, which indicates a negative year over year growth rate of 18.7%. The business is expected to report its next earnings report on Tuesday, February 26th.

According to Zacks, analysts expect that Imax will report full year sales of $367.54 million for the current year, with estimates ranging from $365.44 million to $369.26 million. For the next financial year, analysts forecast that the business will post sales of $406.82 million, with estimates ranging from $392.78 million to $432.80 million. Zacks’ sales averages are an average based on a survey of analysts that follow Imax.

A number of research firms recently issued reports on IMAX. Wedbush set a $29.00 price objective on Imax and gave the company a “buy” rating in a research note on Monday, October 15th. Barrington Research decreased their price objective on Imax to $27.00 and set an “outperform” rating on the stock in a research note on Monday, October 29th. ValuEngine lowered Imax from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Canaccord Genuity decreased their target price on Imax from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Finally, B. Riley set a $34.00 target price on Imax and gave the stock a “buy” rating in a research note on Wednesday, January 2nd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $26.56.

Shares of NYSE:IMAX traded down $0.07 during midday trading on Thursday, reaching $20.77. 454,200 shares of the company traded hands, compared to its average volume of 391,114. Imax has a 12 month low of $17.55 and a 12 month high of $26.10. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 115.39, a PEG ratio of 1.32 and a beta of 0.97.

In other news, CEO Greg Foster sold 3,567 shares of the stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $18.28, for a total transaction of $65,204.76. Following the transaction, the chief executive officer now directly owns 94,641 shares in the company, valued at approximately $1,730,037.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert D. Lister sold 3,558 shares of the stock in a transaction dated Monday, December 10th. The shares were sold at an average price of $18.28, for a total value of $65,040.24. Following the transaction, the insider now owns 36,247 shares in the company, valued at $662,595.16. The disclosure for this sale can be found here. Insiders sold a total of 7,862 shares of company stock worth $143,755 over the last 90 days. Corporate insiders own 18.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in IMAX. Jennison Associates LLC bought a new position in shares of Imax during the 3rd quarter valued at about $61,118,000. Loomis Sayles & Co. L P bought a new position in shares of Imax during the 3rd quarter valued at about $14,199,000. Teachers Advisors LLC increased its position in shares of Imax by 433.8% during the 3rd quarter. Teachers Advisors LLC now owns 582,705 shares of the company’s stock valued at $15,034,000 after purchasing an additional 473,540 shares during the last quarter. Rice Hall James & Associates LLC bought a new position in shares of Imax during the 3rd quarter valued at about $11,298,000. Finally, Man Group plc increased its position in shares of Imax by 815.9% during the 3rd quarter. Man Group plc now owns 253,973 shares of the company’s stock valued at $6,553,000 after purchasing an additional 226,244 shares during the last quarter. Hedge funds and other institutional investors own 76.95% of the company’s stock.

Imax Company Profile

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, or joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.

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