IMAX (NYSE:IMAX) Releases Earnings Results, Beats Estimates By $0.16 EPS

Key Points

• IMAX reported a quarterly earnings per share (EPS) of $0.47, exceeding analyst estimates of $0.31 by $0.16, alongside a revenue of $106.65 million, up 16.6% year-over-year.
• The company's stock price increased by 0.8% to $32.33 on the trading day following the earnings release, with a notable trading volume surpassing its average.
• Wall Street analysts have generally rated IMAX positively, with a consensus rating of "Moderate Buy" and an average target price of $35.10, reflecting increased investor confidence.

IMAX (NYSE:IMAX - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.16, Briefing.com reports. The company had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The company's quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the company earned $0.35 earnings per share.

IMAX Stock Up 0.8%

NYSE IMAX traded up $0.27 during trading on Thursday, hitting $32.33. The company's stock had a trading volume of 2,412,636 shares, compared to its average volume of 940,937. The firm has a 50 day moving average price of $30.62 and a 200 day moving average price of $27.70. The firm has a market cap of $1.74 billion, a P/E ratio of 53.89, a price-to-earnings-growth ratio of 2.05 and a beta of 0.62. IMAX has a 52 week low of $19.91 and a 52 week high of $34.14.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IMAX shares. JPMorgan Chase & Co. lifted their target price on IMAX from $28.00 to $31.00 and gave the stock a "neutral" rating in a report on Thursday, October 9th. Benchmark upped their price objective on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Barrington Research reaffirmed an "outperform" rating and set a $37.00 price objective on shares of IMAX in a research note on Thursday. Wall Street Zen raised shares of IMAX from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 11th. Finally, B. Riley reaffirmed a "buy" rating on shares of IMAX in a research note on Friday, October 10th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $35.10.

Insiders Place Their Bets

In related news, VP Robert D. Lister sold 20,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total value of $656,000.00. Following the completion of the transaction, the vice president directly owned 161,421 shares in the company, valued at approximately $5,294,608.80. This represents a 11.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the completion of the transaction, the insider owned 26,133 shares of the company's stock, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 23.18% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Orbis Allan Gray Ltd grew its position in IMAX by 31.7% in the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company's stock valued at $142,960,000 after acquiring an additional 1,230,267 shares during the period. Balyasny Asset Management L.P. bought a new stake in IMAX in the second quarter valued at $12,568,000. Squarepoint Ops LLC grew its position in IMAX by 177.0% in the second quarter. Squarepoint Ops LLC now owns 446,286 shares of the company's stock valued at $12,478,000 after acquiring an additional 285,184 shares during the period. Nantahala Capital Management LLC grew its position in IMAX by 24.9% in the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company's stock valued at $31,706,000 after acquiring an additional 225,742 shares during the period. Finally, Gabelli Funds LLC grew its position in IMAX by 320.4% in the second quarter. Gabelli Funds LLC now owns 92,482 shares of the company's stock valued at $2,586,000 after acquiring an additional 70,482 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Company Profile

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.

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