IMAX (NYSE:IMAX) Hits New 12-Month High After Analyst Upgrade

IMAX Corporation (NYSE:IMAX)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $50.00 to $60.00. Rosenblatt Securities currently has a buy rating on the stock. IMAX traded as high as $51.83 and last traded at $52.5580, with a volume of 54376 shares changing hands. The stock had previously closed at $51.21.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. raised their price target on IMAX from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. The Goldman Sachs Group restated a “neutral” rating and set a $42.00 target price on shares of IMAX in a report on Thursday, July 23rd. Wedbush increased their price target on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings upgraded shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. Ten research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, IMAX currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.55.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently modified their holdings of IMAX. CIBC Private Wealth Group LLC acquired a new stake in IMAX in the third quarter valued at about $27,000. Quarry LP raised its stake in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after acquiring an additional 547 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of IMAX by 2,310.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock worth $38,000 after acquiring an additional 1,109 shares during the last quarter. Torren Management LLC bought a new position in shares of IMAX in the fourth quarter worth about $40,000. Finally, Aster Capital Management DIFC Ltd boosted its stake in shares of IMAX by 863.0% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock valued at $62,000 after purchasing an additional 1,493 shares in the last quarter. Institutional investors own 93.51% of the company’s stock.

IMAX Trading Up 1.4%

The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 72.64, a P/E/G ratio of 1.60 and a beta of 0.38. The business’s 50 day moving average price is $42.51 and its two-hundred day moving average price is $39.09.

IMAX (NYSE:IMAX) last issued its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. The business had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. Analysts expect that IMAX Corporation will post 1.44 EPS for the current year.

IMAX Company Profile

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.