Brokers Offer Predictions for IMAX Co.’s Q2 2023 Earnings (NYSE:IMAX)

Posted by on Apr 13th, 2023

IMAX Co. (NYSE:IMAX – Get Rating) – B. Riley decreased their Q2 2023 EPS estimates for IMAX in a report issued on Monday, April 10th. B. Riley analyst E. Wold now anticipates that the company will post earnings per share of $0.21 for the quarter, down from their prior forecast of $0.25. B. Riley has a “Buy” rating and a $26.00 price objective on the stock. The consensus estimate for IMAX’s current full-year earnings is $0.33 per share. B. Riley also issued estimates for IMAX’s Q3 2023 earnings at $0.00 EPS, FY2023 earnings at $0.37 EPS, Q1 2024 earnings at ($0.02) EPS, Q2 2024 earnings at $0.30 EPS and FY2024 earnings at $0.62 EPS.

IMAX (NYSE:IMAX – Get Rating) last issued its earnings results on Wednesday, February 22nd. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). IMAX had a negative net margin of 7.58% and a negative return on equity of 5.96%. The firm had revenue of $98.05 million during the quarter, compared to analyst estimates of $95.97 million.

Other analysts also recently issued research reports about the stock. Barrington Research increased their target price on shares of IMAX from $20.00 to $22.00 in a research report on Friday, February 24th. Roth Capital reissued a “buy” rating on shares of IMAX in a research note on Monday, February 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $25.00 price target on shares of IMAX in a research report on Wednesday, April 5th. StockNews.com assumed coverage on IMAX in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. upped their target price on IMAX from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Thursday, February 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.00.

IMAX Price Performance

IMAX stock opened at $20.76 on Wednesday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -53.23, a price-to-earnings-growth ratio of 3.05 and a beta of 1.37. IMAX has a 12 month low of $12.13 and a 12 month high of $21.27. The stock’s 50-day moving average is $18.05 and its 200-day moving average is $16.05.

Insider Activity at IMAX

In other news, EVP Calamera Pablo sold 7,697 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $18.32, for a total transaction of $141,009.04. Following the completion of the sale, the executive vice president now owns 34,106 shares of the company’s stock, valued at $624,821.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Calamera Pablo sold 7,697 shares of the stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $18.32, for a total value of $141,009.04. Following the completion of the transaction, the executive vice president now owns 34,106 shares in the company, valued at approximately $624,821.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Welton sold 20,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $18.35, for a total transaction of $367,000.00. Following the sale, the insider now owns 82,271 shares in the company, valued at $1,509,672.85. The disclosure for this sale can be found here. 22.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IMAX. JPMorgan Chase & Co. lifted its stake in IMAX by 4.0% during the first quarter. JPMorgan Chase & Co. now owns 706,135 shares of the company’s stock valued at $13,367,000 after purchasing an additional 27,207 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of IMAX during the 1st quarter valued at $229,000. Citigroup Inc. boosted its stake in shares of IMAX by 40.9% during the 1st quarter. Citigroup Inc. now owns 66,264 shares of the company’s stock worth $1,254,000 after acquiring an additional 19,226 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of IMAX by 53.9% in the 1st quarter. MetLife Investment Management LLC now owns 27,896 shares of the company’s stock worth $528,000 after acquiring an additional 9,767 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of IMAX by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,039,779 shares of the company’s stock worth $19,684,000 after purchasing an additional 6,605 shares during the period. Institutional investors own 75.36% of the company’s stock.

About IMAX

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IMAX Corp. is an entertainment technology company, which engages in the business of motion picture technologies and presentations. It operates through following business segments: IMAX Technology Network, IMAX Technology Sales and Maintenance, and Film Distribution and Post-Production. The IMAX Technology Network segment includes the IMAX DMR segment and contingent rent from the JRSA segment.

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Earnings History and Estimates for IMAX (NYSE:IMAX)

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