IMAX (NYSE:IMAX) Reaches New 1-Year High – Here’s Why

IMAX Corporation (NYSE:IMAX) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $44.55 and last traded at $43.85, with a volume of 1070644 shares traded. The stock had previously closed at $42.32.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IMAX. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $60.00 price objective on shares of IMAX in a report on Friday, May 22nd. Seaport Research Partners raised their target price on shares of IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. The Goldman Sachs Group boosted their target price on shares of IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Wedbush reaffirmed an “outperform” rating and issued a $46.00 price target on shares of IMAX in a report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. cut their price target on IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

IMAX Stock Down 0.1%

The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 68.06, a P/E/G ratio of 1.57 and a beta of 0.37. The business’s 50-day simple moving average is $37.78 and its two-hundred day simple moving average is $37.47.

IMAX (NYSE:IMAX) last posted 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 period in the previous year, the business earned $0.13 EPS. IMAX’s quarterly revenue was down 6.1% on a year-over-year basis. On average, analysts expect that IMAX Corporation will post 1.34 earnings per share for the current year.

Insider Activity at IMAX

In related news, CEO Richard L. Gelfond sold 8,943 shares of IMAX stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $37.33, for a total transaction of $333,842.19. Following the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,557,524.66. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 365,064 shares of company stock valued at $13,719,850 over the last ninety days. 20.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IMAX

A number of hedge funds have recently modified their holdings of the company. Orbis Allan Gray Ltd boosted its holdings in IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after buying an additional 723,861 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of IMAX by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock valued at $47,026,000 after buying an additional 23,401 shares during the period. Nantahala Capital Management LLC raised its position in shares of IMAX by 24.9% during 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. lifted its holdings in IMAX by 1.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock valued at $40,806,000 after acquiring an additional 20,079 shares during the last quarter. 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.