Seaport Res Ptn Has Negative Outlook of IMAX FY2024 Earnings

IMAX Co. (NYSE:IMAX) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for IMAX in a report released on Thursday, January 9th. Seaport Res Ptn analyst D. Joyce now expects that the company will post earnings per share of $0.75 for the year, down from their previous forecast of $0.79. The consensus estimate for IMAX’s current full-year earnings is $0.77 per share. Seaport Res Ptn also issued estimates for IMAX’s Q4 2024 earnings at $0.30 EPS, Q1 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.34 EPS, FY2025 earnings at $1.22 EPS and FY2026 earnings at $1.53 EPS.

IMAX has been the subject of a number of other research reports. StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a report on Tuesday. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Roth Mkm lifted their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Finally, Barrington Research reiterated an “outperform” rating and issued a $30.00 target price on shares of IMAX in a report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.38.

IMAX Stock Performance

Shares of IMAX stock opened at $23.10 on Monday. IMAX has a 52 week low of $13.20 and a 52 week high of $26.84. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.50, a PEG ratio of 1.69 and a beta of 1.24. The firm has a fifty day moving average of $25.01 and a two-hundred day moving average of $21.74.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same quarter last year, the firm earned $0.27 EPS. The company’s revenue for the quarter was down 11.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. FMR LLC boosted its position in shares of IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after acquiring an additional 2,054,031 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of IMAX during the third quarter worth approximately $6,322,000. Castleark Management LLC bought a new position in shares of IMAX during the third quarter worth approximately $5,199,000. Pier Capital LLC acquired a new stake in shares of IMAX in the third quarter valued at approximately $4,221,000. Finally, Victory Capital Management Inc. increased its stake in IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after acquiring an additional 127,371 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at IMAX

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is owned by corporate insiders.

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.