IMAX (NYSE:IMAX) Reaches New 1-Year High - Here's Why

Shares of IMAX Co. (NYSE:IMAX - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $27.88 and last traded at $27.78, with a volume of 131898 shares changing hands. The stock had previously closed at $26.97.

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of recent research reports. Macquarie raised their target price on shares of IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Friday, April 25th. B. Riley reissued a "buy" rating and issued a $36.00 target price on shares of IMAX in a report on Friday, May 16th. Wall Street Zen raised shares of IMAX from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Rosenblatt Securities reissued a "buy" rating and issued a $35.00 target price on shares of IMAX in a report on Thursday, April 24th. Finally, Benchmark reissued a "buy" rating and issued a $30.00 target price on shares of IMAX in a report on Thursday, April 10th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $31.22.

IMAX Price Performance

The firm has a market capitalization of $1.50 billion, a P/E ratio of 56.80, a P/E/G ratio of 1.49 and a beta of 0.79. The firm has a 50-day moving average price of $25.04 and a two-hundred day moving average price of $25.02.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $86.67 million for the quarter, compared to analyst estimates of $82.95 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. The business's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.15 earnings per share. Sell-side analysts predict that IMAX Co. will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently modified their holdings of IMAX. SG Americas Securities LLC purchased a new position in shares of IMAX in the 4th quarter valued at approximately $333,000. Janney Montgomery Scott LLC raised its position in shares of IMAX by 1.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company's stock valued at $747,000 after purchasing an additional 533 shares during the last quarter. Blue Trust Inc. raised its position in shares of IMAX by 138.5% in the 4th quarter. Blue Trust Inc. now owns 966 shares of the company's stock valued at $25,000 after purchasing an additional 561 shares during the last quarter. Calamos Advisors LLC purchased a new position in shares of IMAX in the 4th quarter valued at approximately $351,000. Finally, Savant Capital LLC purchased a new position in shares of IMAX in the 4th quarter valued at approximately $249,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

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.