IMAX (NYSE:IMAX) Sets New 52-Week High – Time to Buy?

IMAX Corporation (NYSE:IMAX) hit a new 52-week high during trading on Thursday . The stock traded as high as $43.31 and last traded at $42.9320, with a volume of 130222 shares trading hands. The stock had previously closed at $42.18.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Benchmark lifted their price objective on shares of IMAX from $44.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Wall Street Zen lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Wedbush reaffirmed an “outperform” rating and set a $46.00 target price on shares of IMAX in a report on Thursday, April 23rd. JPMorgan Chase & Co. cut their target price 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. Finally, Seaport Research Partners lifted their target price on shares of IMAX from $43.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, IMAX has an average rating of “Moderate Buy” and an average price target of $48.00.

IMAX Trading Up 1.5%

The company has a market cap of $2.35 billion, a PE ratio of 65.85, a price-to-earnings-growth ratio of 1.42 and a beta of 0.37. The firm’s fifty day moving average is $37.30 and its 200 day moving average is $37.17.

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

Insider Buying and Selling at IMAX

In related news, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the sale, the insider owned 3,657,450 shares of the company’s stock, valued at approximately $138,324,759. The trade was a 8.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,557,524.66. The trade was a 1.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 933,064 shares of company stock valued at $35,201,610. 20.55% of the stock is owned by insiders.

Institutional Investors Weigh In On IMAX

Large investors have recently modified their holdings of the business. CIBC Private Wealth Group LLC purchased a new stake in shares of IMAX during the third quarter worth $27,000. Quarry LP grew its holdings in shares of IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after buying an additional 547 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of IMAX by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after buying an additional 317 shares in the last quarter. Clearstead Advisors LLC purchased a new stake in shares of IMAX during the third quarter worth $35,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of IMAX by 2,310.4% during 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. Hedge funds and other institutional investors own 93.51% of the company’s stock.

About IMAX

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.