Cinemark (NYSE:CNK) Hits New 12-Month High on Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK) reached a new 52-week high during trading on Friday after Morgan Stanley raised their price target on the stock from $29.00 to $35.00. Morgan Stanley currently has an overweight rating on the stock. Cinemark traded as high as $29.61 and last traded at $28.96, with a volume of 240714 shares trading hands. The stock had previously closed at $28.63.

Other equities analysts also recently issued research reports about the stock. Roth Mkm boosted their price target on shares of Cinemark from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday. Wells Fargo & Company upped their price target on Cinemark from $28.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday. B. Riley cut Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price objective for the company. in a research note on Tuesday, August 27th. StockNews.com raised shares of Cinemark from a “sell” rating to a “hold” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cinemark from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cinemark has a consensus rating of “Moderate Buy” and a consensus target price of $27.70.

Insider Transactions at Cinemark

In related news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $27.19, for a total value of $679,750.00. Following the transaction, the insider now directly owns 204,729 shares of the company’s stock, valued at $5,566,581.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNK. Third Point LLC purchased a new position in shares of Cinemark during the first quarter worth approximately $89,850,000. Dimensional Fund Advisors LP boosted its stake in Cinemark by 5.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,914,708 shares of the company’s stock worth $63,012,000 after purchasing an additional 148,076 shares during the period. Victory Capital Management Inc. grew its position in Cinemark by 1.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,550,819 shares of the company’s stock worth $55,149,000 after purchasing an additional 35,993 shares during the last quarter. Steadfast Capital Management LP acquired a new position in Cinemark in the first quarter valued at $29,323,000. Finally, Hennessy Advisors Inc. raised its holdings in shares of Cinemark by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock valued at $33,083,000 after buying an additional 234,400 shares during the last quarter.

Cinemark Stock Up 3.7 %

The company has a debt-to-equity ratio of 6.23, a current ratio of 1.29 and a quick ratio of 1.26. The firm’s 50 day moving average price is $27.42 and its two-hundred day moving average price is $21.97. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 1.94 and a beta of 2.36.

Cinemark (NYSE:CNK) last announced its earnings results on Friday, August 2nd. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.25. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The company had revenue of $734.20 million for the quarter, compared to the consensus estimate of $691.74 million. During the same period last year, the business posted $0.80 EPS. The company’s revenue was down 22.1% on a year-over-year basis. As a group, sell-side analysts forecast that Cinemark Holdings, Inc. will post 1.41 earnings per share for the current fiscal year.

About Cinemark

Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of February 16, 2024, it operated 501 theatres with 5,719 screens in 42 states and 13 countries in South and Central America. Cinemark Holdings, Inc was founded in 1984 and is headquartered in Plano, Texas.