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

IMAX Corporation (NYSE:IMAX)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $35.66 and last traded at $35.7850, with a volume of 195074 shares traded. The stock had previously closed at $35.13.

Analyst Ratings Changes

Several analysts have weighed in on IMAX shares. Roth Capital boosted their price objective on IMAX from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Wall Street Zen upgraded shares of IMAX from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 11th. Wells Fargo & Company raised their price target on shares of IMAX from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Wedbush upped their price objective on shares of IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of IMAX from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.67.

IMAX Stock Performance

The business’s 50-day moving average is $32.31 and its 200-day moving average is $28.83. The company has a market capitalization of $1.93 billion, a PE ratio of 50.65, a PEG ratio of 2.05 and a beta of 0.60.

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

Insiders Place Their Bets

In other news, insider Kenneth Ian Weissman sold 15,072 shares of the company’s stock in a transaction that occurred on 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 owned 26,133 shares in the company, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Robert D. Lister sold 50,143 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,596,466.07. This trade represents a 23.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 91,403 shares of company stock valued at $2,992,994. Insiders own 23.18% of the company’s stock.

Institutional Trading of IMAX

Large investors have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. lifted its holdings in shares of IMAX by 125.0% during 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 period. First Horizon Corp purchased a new position in shares of IMAX in the third quarter worth approximately $34,000. Jones Financial Companies Lllp grew its position in IMAX by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the period. Clearstead Advisors LLC purchased a new stake in IMAX during the third quarter valued at approximately $35,000. Finally, Farther Finance Advisors LLC raised its position in IMAX by 467.8% in the third quarter. Farther Finance Advisors LLC now owns 1,215 shares of the company’s stock worth $40,000 after acquiring an additional 1,001 shares during the period. 93.51% of the stock is currently 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.