IMAX (NYSE:IMAX) Reaches New 12-Month High – Here’s Why

IMAX Corporation (NYSE:IMAX)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $35.66 and last traded at $35.7850, with a volume of 195074 shares changing hands. The stock had previously closed at $35.13.

Wall Street Analysts Forecast Growth

IMAX has been the topic of several recent research reports. Barrington Research reaffirmed an “outperform” rating and issued a $37.00 price objective on shares of IMAX in a research note on Thursday, October 23rd. Rosenblatt Securities reissued a “buy” rating and issued a $42.00 target price on shares of IMAX in a report on Friday, October 24th. B. Riley reiterated a “buy” rating on shares of IMAX in a research report on Friday, October 10th. Wedbush lifted their target price on shares of IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Finally, Wells Fargo & Company increased their price target on IMAX from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.67.

IMAX Stock Performance

The firm has a market cap of $1.93 billion, a P/E ratio of 50.65, a P/E/G ratio of 2.05 and a beta of 0.60. The firm’s fifty day simple moving average is $32.31 and its 200 day simple moving average is $28.83.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. The company had revenue of $106.65 million for the quarter, compared to the consensus estimate of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 earnings per share. On average, equities research analysts predict that IMAX Corporation will post 0.91 earnings per share for the current year.

Insider Activity

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the completion of the transaction, the insider directly owned 26,133 shares of the company’s stock, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the completion of the sale, the vice president owned 161,421 shares in the company, valued at $5,596,466.07. This represents a 23.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 91,403 shares of company stock worth $2,992,994. 23.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. Orbis Allan Gray Ltd boosted its holdings in shares of IMAX by 31.7% in the 2nd 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 period. Ameriprise Financial Inc. lifted its holdings in shares of IMAX by 8.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock worth $52,019,000 after acquiring an additional 150,552 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of IMAX during the 3rd quarter worth about $53,141,000. Nantahala Capital Management LLC raised its position in IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after purchasing an additional 225,742 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in IMAX by 0.3% in the third quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock worth $35,501,000 after purchasing an additional 3,494 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.