IMAX (NYSE:IMAX) Sets New 52-Week High on Analyst Upgrade

Key Points

• IMAX shares reached a new 52-week high after Rosenblatt Securities raised its price target from $50 to $60 and maintained a buy rating. The stock traded as high as $51.83 and was recently at $52.56.
• Analyst sentiment remains favorable, with 10 buy ratings and three holds, producing a consensus “Moderate Buy” rating and an average price target of $51.55.
• IMAX reported quarterly EPS of $0.43, beating estimates of $0.30, while revenue rose 12.2% year over year to $102.84 million. Institutional investors own 93.51% of the company.

IMAX Corporation (NYSE:IMAX - Get Free Report)'s stock price hit 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.

Several other research analysts have also weighed in on the company. Benchmark reaffirmed a "buy" rating on shares of IMAX in a research report on Monday, June 22nd. The Goldman Sachs Group reissued a "neutral" rating and issued a $42.00 price target on shares of IMAX in a research note on Thursday, July 23rd. Seaport Research Partners restated a "buy" rating and issued a $50.00 price objective on shares of IMAX in a report on Wednesday, June 24th. Weiss Ratings raised shares of IMAX from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. increased their target price on shares of IMAX from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Ten analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $51.55.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd lifted its stake in shares of IMAX by 28.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company's stock valued at $55,000 after buying an additional 332 shares during the period. ProShare Advisors LLC raised its holdings in IMAX by 6.8% in the 4th quarter. ProShare Advisors LLC now owns 8,000 shares of the company's stock valued at $296,000 after acquiring an additional 511 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of IMAX by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company's stock worth $4,021,000 after acquiring an additional 546 shares during the period. Quarry LP lifted its position in shares of IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after acquiring an additional 547 shares during the period. Finally, State of Wyoming grew its holdings in shares of IMAX by 7.6% during the 1st quarter. State of Wyoming now owns 7,910 shares of the company's stock worth $301,000 after purchasing an additional 562 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 cap of $2.85 billion, a price-to-earnings ratio of 72.64, a price-to-earnings-growth ratio of 1.60 and a beta of 0.38. The company has a fifty day moving average price of $42.51 and a two-hundred day moving average price of $39.09.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The firm had revenue of $102.84 million during the quarter, compared to analysts' expectations of $96.09 million. During the same period last year, the business earned $0.26 earnings per share. IMAX's quarterly revenue was up 12.2% compared to the same quarter last year. Sell-side analysts anticipate that IMAX Corporation will post 1.44 EPS for the current fiscal year.

About IMAX

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.

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