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

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

Analyst Ratings Changes

A number of research firms have recently commented on IMAX. Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Wedbush reiterated an “outperform” rating and issued a $46.00 price objective on shares of IMAX in a report on Thursday, April 23rd. Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Barrington Research raised their target price on IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Finally, Seaport Research Partners lifted their target price on IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. 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 a consensus price target of $48.00.

IMAX Trading Up 0.5%

The firm 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 stock has a 50-day moving average of $38.17 and a 200-day moving average of $37.66.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The business had revenue of $81.38 million during the quarter, compared to analyst estimates of $79.82 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. As a group, research analysts expect that IMAX Corporation will post 1.34 earnings per share for the current fiscal 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 that occurred on Friday, April 10th. The shares were sold at an average price of $37.82, for a total value of $5,107,439.72. Following the sale, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,932,375.64. This trade represents a 15.00% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 365,064 shares of company stock valued at $13,719,850. 20.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. CIBC Private Wealth Group LLC bought a new position in IMAX in the 3rd quarter worth approximately $27,000. Quarry LP grew its stake in shares of IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after purchasing an additional 547 shares in the last quarter. Clearstead Advisors LLC bought a new position in shares of IMAX in the third quarter worth $35,000. Torren Management LLC acquired a new position in shares of IMAX during the fourth quarter valued at $40,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 1,109 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.