IMAX (NYSE:IMAX) Reaches New 12-Month High - Here's What Happened

IMAX Co. (NYSE:IMAX - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $28.42 and last traded at $28.35, with a volume of 77623 shares trading hands. The stock had previously closed at $27.58.

Wall Street Analysts Forecast Growth

IMAX has been the subject of a number of recent research reports. Wedbush reiterated an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research note on Thursday, April 17th. B. Riley reiterated a "buy" rating and set a $36.00 price objective on shares of IMAX in a research note on Friday, May 16th. Macquarie lifted their price objective on IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Wells Fargo & Company reduced their price objective on IMAX from $32.00 to $30.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Finally, Roth Capital lifted their price objective on IMAX from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Friday. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, IMAX has an average rating of "Buy" and an average target price of $31.70.

IMAX Stock Performance

The company has a 50 day moving average of $25.45 and a two-hundred day moving average of $25.22. The stock has a market cap of $1.55 billion, a PE ratio of 58.81, a price-to-earnings-growth ratio of 1.49 and a beta of 0.81.

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

IMAX announced that its board has approved a stock buyback program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On IMAX

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers increased its stake in IMAX by 7.7% during the 1st quarter. Rhumbline Advisers now owns 60,447 shares of the company's stock worth $1,593,000 after buying an additional 4,325 shares in the last quarter. Strs Ohio purchased a new stake in IMAX during the 1st quarter worth approximately $9,278,000. Jane Street Group LLC increased its stake in IMAX by 2,496.9% during the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock worth $15,123,000 after buying an additional 551,819 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of IMAX by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company's stock valued at $4,208,000 after purchasing an additional 11,736 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of IMAX by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company's stock valued at $672,000 after purchasing an additional 1,091 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other 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.