IMAX (NYSE:IMAX) Hits New 52-Week High – Should You Buy?

IMAX Corporation (NYSE:IMAX)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $45.52 and last traded at $45.1250, with a volume of 45332 shares changing hands. The stock had previously closed at $44.97.

Analysts Set New Price Targets

IMAX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Benchmark reissued a “buy” rating on shares of IMAX in a report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $60.00 price target on shares of IMAX in a research note on Friday, May 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $47.00 price target on shares of IMAX in a report on Monday, April 20th. Finally, Seaport Research Partners reiterated a “buy” rating and issued a $50.00 price objective on shares of IMAX in a report on Wednesday. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.00.

IMAX Stock Performance

The stock has a market capitalization of $2.38 billion, a P/E ratio of 66.51, a PEG ratio of 1.55 and a beta of 0.37. The firm has a fifty day moving average price of $38.44 and a two-hundred day moving average price of $37.77.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The company had revenue of $81.38 million during the quarter, compared to analyst estimates of $79.82 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. IMAX’s revenue was down 6.1% compared to the same quarter last year. On average, research analysts anticipate that IMAX Corporation will post 1.34 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Richard L. Gelfond sold 135,046 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the completion of the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 365,064 shares of company stock valued at $13,719,850 over the last quarter. Company insiders own 20.55% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC purchased a new position in IMAX during the third quarter valued at $27,000. Quarry LP grew its holdings in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after purchasing an additional 547 shares during the period. Clearstead Advisors LLC purchased a new stake in IMAX in the third quarter worth about $35,000. Caitong International Asset Management Co. Ltd increased its position in IMAX by 2,310.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock worth $38,000 after buying an additional 1,109 shares in the last quarter. Finally, Torren Management LLC bought a new position in shares of IMAX in the fourth quarter worth about $40,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.