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

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wedbush lifted their target price on IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. raised their target price on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Rosenblatt Securities reissued a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. Finally, Barrington Research restated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

IMAX Stock Performance

The company 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 stock’s fifty day moving average price is $21.77 and its 200-day moving average price is $19.50.

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

Hedge Funds Weigh In On IMAX

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