IMAX (NYSE:IMAX) Reaches New 1-Year High – Still a Buy?

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wedbush restated an “outperform” rating and issued a $46.00 price objective on shares of IMAX in a report on Thursday, April 23rd. Wall Street Zen lowered IMAX from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 price target on shares of IMAX in a report on Friday, May 22nd. Rosenblatt Securities restated a “buy” rating and set a $47.00 price objective on shares of IMAX in a research report on Monday, April 20th. Finally, Benchmark reissued a “buy” rating on shares of IMAX in a report on Monday. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, IMAX currently has an average rating of “Moderate Buy” and an average target price of $48.00.

IMAX Stock Up 0.5%

The company has a market cap of $2.49 billion, a price-to-earnings ratio of 69.50, a price-to-earnings-growth ratio of 1.56 and a beta of 0.37. The company has a fifty day simple moving average of $38.17 and a two-hundred day simple moving average of $37.66.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (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 business had revenue of $81.38 million during the quarter, compared to the consensus estimate of $79.82 million. During the same quarter in the previous year, the company posted $0.13 EPS. The business’s revenue was down 6.1% on a year-over-year basis. On average, research analysts predict that IMAX Corporation will post 1.34 EPS for the current year.

Insider Buying and Selling

In other IMAX news, CEO Richard L. Gelfond sold 135,046 shares of the firm’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $37.82, for a total value of $5,107,439.72. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,932,375.64. This trade represents a 15.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 365,064 shares of company stock valued at $13,719,850 in the last ninety days. Corporate insiders own 20.55% of the company’s stock.

Institutional Investors Weigh In On IMAX

A number of institutional investors have recently added to or reduced their stakes in IMAX. Orbis Allan Gray Ltd grew its holdings in shares of IMAX by 31.7% during 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. Westfield Capital Management Co. LP raised its holdings in IMAX by 44.6% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after buying an additional 723,861 shares during the period. Dimensional Fund Advisors LP grew its stake in IMAX by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock worth $47,026,000 after buying an additional 23,401 shares during the period. Nantahala Capital Management LLC increased its position in shares of IMAX by 24.9% in the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after acquiring an additional 225,742 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of IMAX by 1.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock worth $40,806,000 after acquiring an additional 20,079 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.