Imax Corporation (NYSE:IMAX) – Equities research analysts at Wedbush dropped their FY2017 EPS estimates for shares of Imax in a note issued to investors on Monday. Wedbush analyst M. Pachter now forecasts that the company will post earnings of $0.25 per share for the year, down from their previous estimate of $0.33. Wedbush currently has a “Buy” rating and a $30.00 target price on the stock. Wedbush also issued estimates for Imax’s Q4 2017 earnings at $0.29 EPS, Q1 2018 earnings at ($0.02) EPS, Q4 2018 earnings at $0.25 EPS and FY2018 earnings at $0.65 EPS.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Imax from a “sell” rating to a “hold” rating in a research note on Tuesday, September 12th. B. Riley reiterated a “buy” rating and issued a $35.00 price target on shares of Imax in a research note on Monday, December 11th. Canaccord Genuity set a $32.00 price target on shares of Imax and gave the stock a “buy” rating in a research note on Monday, October 23rd. Piper Jaffray Companies reiterated a “buy” rating and issued a $28.00 price target on shares of Imax in a research note on Sunday, September 17th. Finally, BidaskClub upgraded shares of Imax from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 14th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $30.00.
Imax (NYSE:IMAX) last issued its earnings results on Thursday, October 26th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.01 by $0.07. Imax had a net margin of 1.78% and a return on equity of 2.62%. The company had revenue of $98.80 million for the quarter, compared to the consensus estimate of $86.17 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis.
A number of institutional investors have recently added to or reduced their stakes in IMAX. Franklin Resources Inc. increased its holdings in Imax by 33.4% in the 2nd quarter. Franklin Resources Inc. now owns 5,063,469 shares of the company’s stock worth $111,412,000 after acquiring an additional 1,266,939 shares in the last quarter. Becker Capital Management Inc. increased its holdings in Imax by 229.6% in the 3rd quarter. Becker Capital Management Inc. now owns 979,755 shares of the company’s stock worth $22,191,000 after acquiring an additional 682,485 shares in the last quarter. Light Street Capital Management LLC increased its holdings in Imax by 69.7% in the 2nd quarter. Light Street Capital Management LLC now owns 1,400,000 shares of the company’s stock worth $30,800,000 after acquiring an additional 575,000 shares in the last quarter. Janus Henderson Group PLC bought a new position in Imax in the 2nd quarter worth approximately $12,359,000. Finally, Vivaldi Asset Management LLC bought a new position in Imax in the 3rd quarter worth approximately $10,670,000. 83.91% of the stock is owned by institutional investors.
In related news, insider Robert D. Lister sold 3,528 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $23.97, for a total value of $84,566.16. Following the completion of the sale, the insider now directly owns 35,594 shares of the company’s stock, valued at approximately $853,188.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Greg Foster sold 3,566 shares of the stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $23.97, for a total transaction of $85,477.02. Following the completion of the sale, the chief executive officer now directly owns 74,696 shares of the company’s stock, valued at $1,790,463.12. The disclosure for this sale can be found here. In the last three months, insiders sold 17,050 shares of company stock valued at $425,276. 18.90% of the stock is owned by insiders.
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IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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