Imax Corporation (NYSE:IMAX) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Imax Corporation (NYSE:IMAX) posted its quarterly earnings data on Wednesday. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01, Briefing.com reports. The business had revenue of $87.76 million during the quarter, compared to analysts’ expectations of $89.26 million. Imax Corporation had a net margin of 5.46% and a return on equity of 2.49%. The business’s revenue was down 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share.
Imax Corporation (NYSE:IMAX) traded down 3.43% during mid-day trading on Thursday, reaching $21.10. 2,534,344 shares of the company traded hands. Imax Corporation has a one year low of $20.05 and a one year high of $35.30. The firm has a market cap of $1.40 billion, a PE ratio of 81.15 and a beta of 0.90. The stock’s 50-day moving average price is $22.67 and its 200-day moving average price is $29.10.
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In other news, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction that occurred on Thursday, June 15th. The shares were 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 owns 17,945 shares in the company, valued at approximately $450,419.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 18.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new position in shares of Imax Corporation during the first quarter worth about $173,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of 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. Comerica Bank purchased a new position in shares of Imax Corporation during the fourth quarter worth about $205,000. Aperio Group LLC purchased a new position in shares of Imax Corporation during the second quarter worth about $205,000. Finally, Laurion Capital Management LP purchased a new position in shares of Imax Corporation during the first quarter worth about $326,000. Hedge funds and other institutional investors own 88.98% of the company’s stock.
IMAX has been the subject of several recent analyst reports. MKM Partners reiterated a “buy” rating and issued a $40.00 price objective on shares of Imax Corporation in a report on Tuesday, April 25th. TheStreet cut shares of Imax Corporation from a “b-” rating to a “c” rating in a report on Wednesday, May 17th. Zacks Investment Research upgraded shares of Imax Corporation from a “sell” rating to a “hold” rating in a report on Monday, June 19th. Roth Capital set a $37.00 price objective on shares of Imax Corporation and gave the company a “buy” rating in a report on Thursday, April 20th. Finally, Wedbush decreased their price objective on shares of Imax Corporation from $41.50 to $39.00 and set an “outperform” rating for the company in a report on Friday, April 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Imax Corporation currently has a consensus rating of “Hold” and an average target price of $35.60.
Imax Corporation announced that its board has approved a stock repurchase plan on Monday, June 12th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are 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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