IMAX (NYSE:IMAX) Hits New 12-Month High – Here’s Why

IMAX Co. (NYSE:IMAX)’s share price hit a new 52-week high on Friday . The stock traded as high as $25.51 and last traded at $25.47, with a volume of 207272 shares. The stock had previously closed at $24.71.

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of research analyst reports. Barrington Research reiterated an “outperform” rating and issued a $24.00 target price on shares of IMAX in a research note on Thursday, October 31st. Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a report on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price target on shares of IMAX in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their price objective on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.22.

IMAX Trading Up 1.9 %

The stock has a market capitalization of $1.33 billion, a P/E ratio of 57.25, a PEG ratio of 1.62 and a beta of 1.22. The company has a fifty day simple moving average of $21.77 and a two-hundred day simple moving average of $19.50.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same period in the prior year, the business posted $0.27 earnings per share. IMAX’s revenue was down 11.9% compared to the same quarter last year. As a group, analysts forecast that IMAX Co. will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its stake in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after buying an additional 2,054,031 shares during the period. Royce & Associates LP raised its position in shares of IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after acquiring an additional 54,850 shares during the period. Victory Capital Management Inc. boosted its stake in IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after acquiring an additional 127,371 shares during the last quarter. Private Capital Management LLC boosted its stake in IMAX by 10.0% during the 1st quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock worth $21,092,000 after acquiring an additional 118,649 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in IMAX by 5.5% in the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after purchasing an additional 42,952 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.