IMAX (NYSE:IMAX) Releases Quarterly Earnings Results, Misses Estimates By $0.14 EPS

IMAX (NYSE:IMAX) released its quarterly earnings results on Wednesday. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14), Zacks reports. IMAX had a return on equity of 7.53% and a net margin of 6.74%.

IMAX Stock Up 0.8 %

Shares of NYSE IMAX traded up $0.21 during mid-day trading on Wednesday, hitting $27.23. 1,630,063 shares of the company traded hands, compared to its average volume of 690,852. IMAX has a 1 year low of $14.90 and a 1 year high of $27.38. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 61.90, a PEG ratio of 1.49 and a beta of 1.22. The business has a 50 day moving average of $24.60 and a two-hundred day moving average of $22.90.

Wall Street Analysts Forecast Growth

IMAX has been the subject of several research reports. Roth Mkm raised their target price on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a research note on Thursday, January 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $32.00 target price on shares of IMAX in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.63.

Insider Activity

In related news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the sale, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 over the last three months. Insiders own 24.08% of the company’s stock.

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.