Benchmark Reaffirms Buy Rating for Cinemark (NYSE:CNK)

Cinemark (NYSE:CNK)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark in a research note issued to investors on Friday,Benzinga reports. They presently have a $40.00 price objective on the stock. Benchmark’s price target points to a potential upside of 32.41% from the stock’s previous close.

Several other equities research analysts also recently weighed in on CNK. Morgan Stanley raised their price target on Cinemark from $29.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Wedbush downgraded Cinemark from a “strong-buy” rating to a “hold” rating in a report on Friday, November 1st. The Goldman Sachs Group raised their price target on Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a report on Thursday, September 19th. Barrington Research raised Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 target price for the company in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their target price on Cinemark from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.80.

Cinemark Price Performance

Shares of CNK stock opened at $30.21 on Friday. Cinemark has a 1-year low of $13.19 and a 1-year high of $36.28. The stock’s 50-day moving average is $32.12 and its 200 day moving average is $28.17. The company has a market cap of $3.70 billion, a P/E ratio of 19.49, a PEG ratio of 1.66 and a beta of 2.40. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.98 and a quick ratio of 0.96.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.61. The business had revenue of $921.80 million during the quarter, compared to the consensus estimate of $894.90 million. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.61 earnings per share. Research analysts predict that Cinemark will post 2 earnings per share for the current fiscal year.

Insider Activity at Cinemark

In other news, insider Valmir Fernandes sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total value of $817,000.00. Following the completion of the sale, the insider now directly owns 179,729 shares in the company, valued at $5,873,543.72. The trade was a 12.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Institutional Trading of Cinemark

A number of institutional investors and hedge funds have recently made changes to their positions in CNK. Maverick Capital Ltd. increased its position in shares of Cinemark by 1,356.4% in the third quarter. Maverick Capital Ltd. now owns 1,517,771 shares of the company’s stock valued at $42,255,000 after buying an additional 1,413,557 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Cinemark by 1,532.5% in the third quarter. BNP Paribas Financial Markets now owns 650,227 shares of the company’s stock valued at $18,102,000 after buying an additional 610,398 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Cinemark during the third quarter worth approximately $12,133,000. Castellan Group purchased a new stake in shares of Cinemark during the third quarter worth approximately $6,130,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Cinemark by 5.4% during the second 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 in the last quarter.

Cinemark Company Profile

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.