IMAX (NYSE:IMAX) Sets New 1-Year High – Here’s What Happened

IMAX Corporation (NYSE:IMAX) shares reached a new 52-week high on Thursday . The stock traded as high as $48.74 and last traded at $48.5350, with a volume of 2165066 shares traded. The stock had previously closed at $47.29.

Wall Street Analysts Forecast Growth

IMAX has been the topic of several research analyst reports. Benchmark reiterated a “buy” rating on shares of IMAX in a report on Monday, June 22nd. HC Wainwright reaffirmed a “buy” rating on shares of IMAX in a research note on Friday, July 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 price target on shares of IMAX in a research report on Friday, May 22nd. Roth Capital raised their price objective on IMAX from $48.00 to $50.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, B. Riley Financial lifted their target price on shares of IMAX from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.36.

IMAX Trading Up 2.6%

The company has a fifty day moving average price of $40.78 and a two-hundred day moving average price of $38.30. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 1.56 and a beta of 0.37.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.30 by $0.13. The firm had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. As a group, equities research analysts expect that IMAX Corporation will post 1.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Orbis Allan Gray Ltd increased its position in IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. Westfield Capital Management Co. LP boosted its holdings in IMAX by 44.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after purchasing an additional 723,861 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in IMAX by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock valued at $47,026,000 after purchasing an additional 23,401 shares during the last quarter. Nantahala Capital Management LLC grew its stake in shares of IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after buying an additional 225,742 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of IMAX by 1.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock valued at $40,806,000 after buying an additional 20,079 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.