Analysts forecast that Imax Corp (NYSE:IMAX) will announce sales of $120.32 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Imax’s earnings, with the highest sales estimate coming in at $126.39 million and the lowest estimate coming in at $115.70 million. Imax posted sales of $106.91 million during the same quarter last year, which would indicate a positive year over year growth rate of 12.5%. The business is expected to announce its next quarterly earnings results after the market closes on Tuesday, February 27th.
On average, analysts expect that Imax will report full-year sales of $120.32 million for the current financial year, with estimates ranging from $370.90 million to $382.50 million. For the next year, analysts anticipate that the firm will report sales of $392.99 million per share, with estimates ranging from $360.10 million to $402.56 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Imax.
A number of equities research analysts have recently weighed in on IMAX shares. B. Riley restated a “buy” rating and issued a $35.00 price objective on shares of Imax in a report on Monday, December 11th. Canaccord Genuity set a $32.00 price objective on shares of Imax and gave the stock a “buy” rating in a report on Monday, October 23rd. Wedbush set a $29.00 price objective on shares of Imax and gave the stock a “buy” rating in a report on Thursday, October 19th. Zacks Investment Research lowered shares of Imax from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Finally, Piper Jaffray Companies lowered shares of Imax from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $21.00 in a report on Wednesday, January 10th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Imax has a consensus rating of “Hold” and a consensus target price of $29.30.
In related news, insider Mark Welton sold 8,985 shares of Imax stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $25.81, for a total value of $231,902.85. Following the transaction, the insider now directly owns 16,331 shares of the company’s stock, valued at $421,503.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Greg Foster sold 3,566 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $23.97, for a total transaction of $85,477.02. Following the transaction, the chief executive officer now directly owns 74,696 shares in the company, valued at $1,790,463.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,050 shares of company stock worth $425,276. 18.90% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of IMAX. Becker Capital Management Inc. increased its position in Imax by 229.6% during the 3rd quarter. Becker Capital Management Inc. now owns 979,755 shares of the company’s stock valued at $22,191,000 after purchasing an additional 682,485 shares during the period. Janus Henderson Group PLC purchased a new position in Imax during the 2nd quarter valued at $12,359,000. Vivaldi Asset Management LLC purchased a new position in Imax during the 3rd quarter valued at $10,670,000. Dimensional Fund Advisors LP increased its position in Imax by 189.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 682,021 shares of the company’s stock valued at $15,007,000 after purchasing an additional 446,672 shares during the period. Finally, Crestwood Capital Management L.P. purchased a new position in Imax during the 3rd quarter valued at $6,116,000. 83.16% of the stock is currently owned by institutional investors and hedge funds.
Imax 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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