Cinemark (NYSE:CNK) Hits New 1-Year High Following Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK) hit a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $35.00 to $38.00. Wells Fargo & Company currently has an overweight rating on the stock. Cinemark traded as high as $34.43 and last traded at $34.30, with a volume of 1013063 shares trading hands. The stock had previously closed at $32.84.

Several other equities analysts have also issued reports on the stock. Wedbush lowered shares of Cinemark from a “strong-buy” rating to a “hold” rating in a report on Friday, November 1st. Macquarie increased their price objective on shares of Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. lifted their target price on shares of Cinemark from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. B. Riley cut shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price target on the stock. in a report on Tuesday, August 27th. Finally, Roth Mkm raised their price target on shares of Cinemark from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.10.

Insiders Place Their Bets

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total value of $817,000.00. Following the transaction, the insider now owns 179,729 shares of the company’s stock, valued at approximately $5,873,543.72. This represents a 12.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Cinemark

Several large investors have recently added to or reduced their stakes in CNK. Franklin Resources Inc. boosted its stake in shares of Cinemark by 6.8% during the 3rd quarter. Franklin Resources Inc. now owns 56,757 shares of the company’s stock worth $1,651,000 after acquiring an additional 3,632 shares during the last quarter. Castellan Group bought a new position in Cinemark in the 3rd quarter worth $6,130,000. Geode Capital Management LLC lifted its position in Cinemark by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,449,567 shares of the company’s stock valued at $68,209,000 after purchasing an additional 25,857 shares in the last quarter. Luxor Capital Group LP grew its holdings in Cinemark by 2.9% during the third quarter. Luxor Capital Group LP now owns 102,200 shares of the company’s stock valued at $2,845,000 after purchasing an additional 2,905 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Cinemark in the third quarter worth about $474,000.

Cinemark Price Performance

The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.46. The stock has a market cap of $4.18 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.67 and a beta of 2.35. The firm has a 50 day moving average price of $29.65 and a 200 day moving average price of $25.01.

Cinemark (NYSE:CNK) last released its earnings results on Thursday, October 31st. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.61. The company had revenue of $921.80 million for the quarter, compared to analysts’ expectations of $894.90 million. Cinemark had a net margin of 8.36% and a return on equity of 60.21%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.61 EPS. On average, analysts forecast that Cinemark Holdings, Inc. will post 2 EPS 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.