Lionsgate Stock Hits All-Time High on Film and TV Slate Prospects
Shares in the mini-studio have doubled since the January 2012 purchase of Summit Entertainment, as the Vancouver-based company edges towards major studio status.
TORONTO – Lionsgate’s stock on Wednesday hit a new all-time high.
Shares in the mini-studio were up 60 cents, or 3.6 percent, to $17.00 in afternoon trading on the New York Stock Exchange.
That performance eclipsed the previous high-water mark of $16.86 on November 29, following strong box office for the release of The Twilight Saga: Breaking Dawn -- Part 2.
The latest advance follows Lionsgate connecting at the box office with the Twilight and Hunger Game franchises after a January 2012 merger with Summit Entertainment, when shares in the mini-studio hovered in the $8.00 range.
Lionsgate’s stock first began its meteoric rise in October 2011 after senior management at the Vancouver-based company saw off billionaire investor Carl Icahn and his failed proxy battle.
Analysts are also bullish with Lionsgate’s prospects on the TV side after FX extended its order for the Charlie Sheen-starring sitcom Anger Management to 100 episodes.
David Miller, a media analyst with B. Riley Caris, on Wednesday raised his target price for Lionsgate stock from $18.00 to $21.00, as he called shares in the mini-studio “downright cheap,” despite their recent run-up.