Cinemark (NYSE:CNK) Hits New 52-Week High Following Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK) reached a new 52-week high during mid-day 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. The stock had previously closed at $28.63.

CNK has been the topic of a number of other research reports. The Goldman Sachs Group increased their price objective on shares of Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Macquarie increased their price target on Cinemark from $21.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 9th. Barrington Research cut Cinemark from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 28th. B. Riley lowered Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 target price on the stock. in a report on Tuesday, August 27th. Finally, StockNews.com upgraded Cinemark from a “sell” rating to a “hold” rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.70.

Insider Transactions at Cinemark

In other news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the completion of the sale, the insider now directly owns 204,729 shares in the company, valued at $5,566,581.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

A number of hedge funds and other institutional investors have recently modified their holdings of CNK. GAMMA Investing LLC grew its holdings in shares of Cinemark by 106.1% in the third quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock valued at $56,000 after purchasing an additional 1,040 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Cinemark by 38.7% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock valued at $68,000 after buying an additional 877 shares during the period. USA Financial Formulas acquired a new position in Cinemark in the third quarter valued at approximately $77,000. 1620 Investment Advisors Inc. purchased a new position in Cinemark in the second quarter worth approximately $79,000. Finally, CWM LLC increased its stake in Cinemark by 134.4% during the third quarter. CWM LLC now owns 2,993 shares of the company’s stock worth $83,000 after acquiring an additional 1,716 shares during the last quarter.

Cinemark Price Performance

The company has a market cap of $3.63 billion, a PE ratio of 20.47, a P/E/G ratio of 1.94 and a beta of 2.36. The company has a quick ratio of 1.26, a current ratio of 1.29 and a debt-to-equity ratio of 6.23. The stock has a 50-day simple moving average of $27.42 and a 200 day simple moving average of $21.97.

Cinemark (NYSE:CNK) last posted 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 net margin of 5.05% and a return on equity of 41.87%. The firm had revenue of $734.20 million during the quarter, compared to the consensus estimate of $691.74 million. During the same quarter last year, the firm earned $0.80 EPS. The firm’s revenue for the quarter was down 22.1% on a year-over-year basis. Equities analysts expect that Cinemark Holdings, Inc. will post 1.41 EPS for the current 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.