IMAX (NYSE:IMAX) Reaches New 52-Week High – Should You Buy?

IMAX Corporation (NYSE:IMAX) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.45 and last traded at $34.35, with a volume of 809449 shares trading hands. The stock had previously closed at $33.56.

Analysts Set New Price Targets

A number of research analysts have commented on IMAX shares. Roth Capital boosted their target price on IMAX from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Wells Fargo & Company raised their price objective on shares of IMAX from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. B. Riley reissued a “buy” rating on shares of IMAX in a research report on Friday, October 10th. Barrington Research restated an “outperform” rating and set a $37.00 price target on shares of IMAX in a research note on Thursday, October 23rd. Finally, Wedbush lifted 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. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IMAX currently has an average rating of “Moderate Buy” and an average price target of $36.67.

IMAX Price Performance

The firm has a market capitalization of $1.85 billion, a P/E ratio of 48.51, a price-to-earnings-growth ratio of 2.05 and a beta of 0.60. The business has a 50 day moving average price of $32.05 and a 200 day moving average price of $28.60.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) 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 firm had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. During the same quarter last year, the firm posted $0.35 EPS. The company’s revenue was up 16.6% on a year-over-year basis. As a group, equities analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

Insider Buying and Selling at IMAX

In other IMAX news, VP Robert D. Lister sold 50,143 shares of the stock in a transaction on Friday, November 7th. The shares were sold at an average price of $34.67, for a total value of $1,738,457.81. Following the completion of the sale, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,596,466.07. This represents a 23.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth Ian Weissman sold 15,072 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the transaction, the insider owned 26,133 shares in the company, valued at approximately $670,311.45. The trade was a 36.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 85,215 shares of company stock valued at $2,781,055. Corporate insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On IMAX

Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its position in shares of IMAX by 5,223.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the company’s stock worth $317,000 after buying an additional 9,507 shares during the period. Rhumbline Advisers boosted its stake in shares of IMAX by 2.4% in the 3rd quarter. Rhumbline Advisers now owns 65,298 shares of the company’s stock valued at $2,138,000 after purchasing an additional 1,550 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of IMAX by 43.8% in 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. Principal Financial Group Inc. increased its position in shares of IMAX by 67.8% during the 3rd quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock worth $2,323,000 after purchasing an additional 28,667 shares in the last quarter. Finally, Thrivent Financial for Lutherans bought a new position in IMAX during the 3rd quarter valued at about $3,272,000. 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.