Seaport Res Ptn Has Bearish Outlook for IMAX FY2024 Earnings

IMAX Co. (NYSE:IMAX) – Stock analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for IMAX in a research note issued on Thursday, January 9th. Seaport Res Ptn analyst D. Joyce now forecasts that the company will earn $0.75 per share for the year, down from their prior 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 (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm’s revenue was down 11.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.27 EPS.

A number of other brokerages also recently commented on IMAX. JPMorgan Chase & Co. increased their price objective on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. StockNews.com upgraded IMAX from a “hold” rating to a “buy” rating in a research note on Thursday, January 2nd. Roth Mkm increased their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Barrington Research reissued an “outperform” rating and set a $30.00 target price on shares of IMAX in a research report on Friday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price target on shares of IMAX in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $27.38.

IMAX Stock Performance

IMAX stock opened at $23.12 on Monday. The company’s 50 day moving average price is $25.03 and its 200 day moving average price is $21.70. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.55, a PEG ratio of 1.69 and a beta of 1.24. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

Institutional Trading of IMAX

Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. Lord Abbett & CO. LLC purchased a new stake in shares of IMAX in the 3rd quarter worth about $6,322,000. Public Employees Retirement System of Ohio purchased a new stake in shares of IMAX in the third quarter valued at about $1,555,000. Pier Capital LLC acquired a new stake in shares of IMAX in the third quarter valued at approximately $4,221,000. Castleark Management LLC purchased a new position in shares of IMAX during the 3rd quarter worth approximately $5,199,000. Finally, Systematic Financial Management LP purchased a new stake in IMAX in the 3rd quarter valued at approximately $838,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

Insider Activity

In other 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 sale, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the company’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 transaction, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 in the last ninety days. 24.08% of the stock is currently owned by company insiders.

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.