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

IMAX Co. (NYSE:IMAX - Get Free Report)'s stock price reached a new 52-week high during trading 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.

Analysts Set New Price Targets

A number of equities research analysts recently commented on IMAX shares. Barrington Research reissued an "outperform" rating and set a $32.00 target price on shares of IMAX in a research report on Thursday, April 24th. Macquarie increased their target price on shares of IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Rosenblatt Securities reissued a "buy" rating and set a $35.00 target price on shares of IMAX in a research report on Thursday, April 24th. Benchmark reaffirmed a "buy" rating and issued a $30.00 price target on shares of IMAX in a report on Thursday, April 10th. Finally, Wells Fargo & Company decreased their price target on shares of IMAX from $32.00 to $30.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $31.22.

IMAX Price Performance

The stock's fifty day simple moving average is $25.32 and its 200-day simple moving average is $25.20. The firm has a market cap of $1.54 billion, a PE ratio of 58.33, a PEG ratio of 1.49 and a beta of 0.81.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 7.40% and a return on equity of 8.60%. The business's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.15 earnings per share. Analysts expect that IMAX Co. will post 0.91 earnings per share for the current year.

IMAX announced that its board has authorized a share buyback program on Thursday, June 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of IMAX

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company's stock valued at $25,000 after buying an additional 561 shares during the period. Creative Financial Designs Inc. ADV purchased a new stake in shares of IMAX during the 1st quarter worth about $59,000. Tower Research Capital LLC TRC boosted its stake in shares of IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after acquiring an additional 5,832 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of IMAX during the 1st quarter worth about $202,000. Finally, Wealthfront Advisers LLC purchased a new stake in shares of IMAX during the 4th quarter worth about $217,000. Institutional investors and hedge funds own 93.51% of the company's stock.

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.