IMAX (NYSE:IMAX) Hits New 12-Month High – Should You Buy?

IMAX Corporation (NYSE:IMAX)’s share price hit a new 52-week high on Friday . The company traded as high as $37.37 and last traded at $37.31, with a volume of 5854 shares changing hands. The stock had previously closed at $36.03.

Analysts Set New Price Targets

Several research firms have issued reports on IMAX. Wedbush upped their price objective on IMAX from $35.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $42.00 price target on shares of IMAX in a research note on Friday, October 24th. JPMorgan Chase & Co. lifted their price objective on IMAX from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th. Wall Street Zen downgraded shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 22nd. Finally, B. Riley reiterated a “buy” rating on shares of IMAX in a research report on Friday, October 10th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.40.

IMAX Stock Performance

The business’s 50-day moving average is $33.51 and its two-hundred day moving average is $29.79. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 50.49, a P/E/G ratio of 2.05 and a beta of 0.60.

IMAX (NYSE:IMAX) last issued its earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.31 by $0.16. The firm had revenue of $106.65 million during the quarter, compared to the consensus estimate of $102.88 million. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Analysts forecast that IMAX Corporation will post 0.91 EPS for the current year.

Insider Buying and Selling at IMAX

In other IMAX news, EVP Giovanni M. Dolci sold 6,188 shares of IMAX stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $34.25, for a total value of $211,939.00. Following the transaction, the executive vice president owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the completion of the sale, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. This represents a 23.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 76,331 shares of company stock worth $2,606,397 in the last ninety days. 23.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IMAX

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. Aurora Investment Counsel increased its position in shares of IMAX by 0.4% in the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company’s stock valued at $2,300,000 after acquiring an additional 308 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares during the last quarter. Arizona State Retirement System raised its stake in shares of IMAX by 2.8% during the 3rd quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock worth $443,000 after purchasing an additional 364 shares in the last quarter. TD Waterhouse Canada Inc. boosted its holdings in shares of IMAX by 125.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after buying an additional 500 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of IMAX by 4.1% in the first quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company’s stock valued at $365,000 after buying an additional 542 shares in the last quarter. 93.51% of the stock is 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.