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

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 $51.30 and last traded at $51.1080, with a volume of 1496881 shares traded. The stock had previously closed at $51.00.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IMAX. Benchmark reaffirmed a “buy” rating on shares of IMAX in a report on Monday, June 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $60.00 price target on shares of IMAX in a report on Friday, May 22nd. HC Wainwright restated a “buy” rating on shares of IMAX in a research report on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, Roth Capital boosted their target price on IMAX from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Ten analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.36.

IMAX Stock Down 1.9%

The firm’s 50-day moving average is $42.12 and its 200-day moving average is $38.91. The company has a market capitalization of $2.72 billion, a PE ratio of 68.95, a price-to-earnings-growth ratio of 1.67 and a beta of 0.38.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The business had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. During the same quarter last year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. As a group, equities research analysts predict that IMAX Corporation will post 1.44 EPS for the current year.

Institutional Trading of IMAX

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its stake in shares of IMAX by 28.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock worth $55,000 after buying an additional 332 shares during the period. ProShare Advisors LLC increased its holdings in IMAX by 6.8% in the 4th quarter. ProShare Advisors LLC now owns 8,000 shares of the company’s stock worth $296,000 after acquiring an additional 511 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in IMAX by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company’s stock worth $4,021,000 after acquiring an additional 546 shares during the period. Quarry LP lifted 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 in the last quarter. Finally, State of Wyoming lifted its holdings in IMAX by 7.6% during the first quarter. State of Wyoming now owns 7,910 shares of the company’s stock valued at $301,000 after purchasing an additional 562 shares in 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.