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

IMAX Corporation (NYSE:IMAX)’s stock price reached a new 52-week high on Friday. The stock traded as high as $56.11 and last traded at $55.1020, with a volume of 1328 shares changing hands. The stock had previously closed at $55.16.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wedbush upped their price objective on shares of IMAX from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. B. Riley Financial raised their target price on shares of IMAX from $52.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. HC Wainwright reiterated a “buy” rating on shares of IMAX in a research report on Friday, July 24th. Finally, The Goldman Sachs Group increased their price target on shares of IMAX from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Eleven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average price target of $55.17.

IMAX Stock Down 0.1%

The business has a fifty day simple moving average of $50.23 and a 200-day simple moving average of $42.63. The firm has a market cap of $3.02 billion, a P/E ratio of 76.65, a P/E/G ratio of 1.66 and a beta of 0.40.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. The firm had revenue of $102.84 million for the quarter, compared to analysts’ expectations of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 EPS. On average, sell-side analysts anticipate that IMAX Corporation will post 1.54 EPS for the current fiscal year.

Insider Buying and Selling at IMAX

In other IMAX news, CFO Natasha Fernandes sold 20,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $54.63, for a total value of $1,092,600.00. Following the sale, the chief financial officer owned 35,596 shares in the company, valued at approximately $1,944,609.48. This represents a 35.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard L. Gelfond sold 205,504 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $53.27, for a total transaction of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $40,751,656.54. This represents a 21.17% 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 90 days, insiders sold 507,257 shares of company stock valued at $26,673,571. Insiders own 20.55% of the company’s stock.

Institutional Trading of IMAX

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in shares of IMAX in the 2nd quarter worth approximately $85,000. Nykredit A S bought a new position in IMAX during the 2nd quarter valued at approximately $105,000. Caitong International Asset Management Co. Ltd raised its stake in IMAX by 159.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock valued at $111,000 after buying an additional 1,849 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in IMAX during the fourth quarter valued at $135,000. Finally, Clearstead Advisors LLC boosted its holdings in IMAX by 338.8% in the fourth quarter. Clearstead Advisors LLC now owns 4,673 shares of the company’s stock worth $173,000 after acquiring an additional 3,608 shares in the last quarter. 93.51% of the stock is owned by institutional investors.

About IMAX

IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and operates premium large-format cinema experiences. Its systems combine specialized projection, immersive sound, large screens and theater design to present feature films, documentaries and other filmed content.

The company provides cinema operators with IMAX projection and sound systems, including its IMAX with Laser technology, as well as theater design, installation and technical support. IMAX also works with filmmakers and studios on content capture, post-production and remastering to optimize movies for its format, including selected 2D and 3D releases.

Founded in 1967, IMAX has expanded from its origins in documentary and institutional film presentations into a global theatrical network.