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

IMAX Corporation (NYSE:IMAX) shares hit a new 52-week high during trading on Friday . The stock traded as high as $29.74 and last traded at $29.50, with a volume of 361804 shares traded. The stock had previously closed at $29.21.

Analyst Ratings Changes

Several analysts have issued reports on IMAX shares. Wells Fargo & Company raised their price target on shares of IMAX from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Roth Capital restated a “buy” rating and issued a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Barrington Research restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research report on Thursday, July 24th. The Goldman Sachs Group restated a “sell” rating on shares of IMAX in a research report on Friday, July 25th. Finally, Benchmark raised their price target on shares of IMAX from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.80.

IMAX Stock Up 1.8%

The business has a fifty day simple moving average of $27.03 and a two-hundred day simple moving average of $26.21. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 49.58, a P/E/G ratio of 2.05 and a beta of 0.68.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.07. The company had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 earnings per share. As a group, equities analysts predict that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its board has approved a share buyback plan on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the transaction, the insider directly owned 26,133 shares in the company, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 23.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. TD Waterhouse Canada Inc. boosted its position in IMAX by 125.0% in the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after buying an additional 500 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in IMAX in the first quarter valued at about $59,000. Ridgewood Investments LLC acquired a new position in IMAX in the second quarter valued at about $62,000. Tower Research Capital LLC TRC boosted its position in IMAX by 194.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company’s stock valued at $116,000 after buying an additional 2,740 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in IMAX in the first quarter valued at about $202,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Company Profile

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.