What is Seaport Res Ptn’s Forecast for IMAX FY2024 Earnings?

IMAX Co. (NYSE:IMAX) – Equities researchers at Seaport Res Ptn reduced their FY2024 earnings estimates for IMAX in a research report issued on Monday, December 9th. Seaport Res Ptn analyst D. Joyce now expects that the company will post earnings per share of $0.79 for the year, down from their prior estimate of $0.80. 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 $0.34 EPS, Q1 2025 earnings at $0.20 EPS and Q2 2025 earnings at $0.22 EPS.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Benchmark boosted their price objective on shares of IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 target price on shares of IMAX in a report on Thursday, October 31st. Finally, Barrington Research reaffirmed an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, IMAX has an average rating of “Moderate Buy” and an average price target of $25.11.

IMAX Price Performance

IMAX opened at $26.03 on Thursday. The firm has a market cap of $1.37 billion, a PE ratio of 59.16, a P/E/G ratio of 1.69 and a beta of 1.23. The stock has a 50-day moving average price of $23.52 and a 200-day moving average price of $20.42. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The company had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. During the same quarter last year, the company earned $0.27 EPS. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis.

Insiders Place Their Bets

In other news, 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 value of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This represents a 20.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,176 shares of company stock valued at $1,662,110. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IMAX. Huntington National Bank bought a new stake in shares of IMAX during the 3rd quarter valued at $34,000. Headlands Technologies LLC bought a new stake in IMAX during the second quarter valued at about $35,000. Quarry LP lifted its position in shares of IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of IMAX in the third quarter valued at about $70,000. Finally, Summit Securities Group LLC bought a new position in shares of IMAX in the second quarter worth about $80,000. Institutional investors own 93.51% 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.