Cinemark (NYSE:CNK) Price Target Cut to $33.00 by Analysts at Wells Fargo & Company

Cinemark (NYSE:CNK) had its price target lowered by Wells Fargo & Company from $36.00 to $33.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages also recently issued reports on CNK. Wall Street Zen downgraded shares of Cinemark from a “hold” rating to a “sell” rating in a research note on Saturday. Wedbush raised shares of Cinemark from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $32.00 to $37.00 in a research report on Friday, July 11th. B. Riley initiated coverage on shares of Cinemark in a research note on Friday, May 16th. They set a “neutral” rating and a $35.00 target price for the company. Benchmark reissued a “buy” rating and issued a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Cinemark in a report on Thursday, July 10th. They set a “buy” rating and a $36.00 price target for the company. Two research analysts have rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.67.

Cinemark Stock Down 0.7%

Shares of NYSE CNK opened at $25.69 on Monday. The stock has a market cap of $2.95 billion, a P/E ratio of 14.04, a PEG ratio of 2.20 and a beta of 1.90. The business’s fifty day simple moving average is $30.68 and its 200-day simple moving average is $29.06. Cinemark has a 12-month low of $23.12 and a 12-month high of $36.28. The company has a current ratio of 0.79, a quick ratio of 0.76 and a debt-to-equity ratio of 5.11.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.15). The company had revenue of $940.50 million for the quarter, compared to analysts’ expectations of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%. Cinemark’s revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. As a group, equities analysts predict that Cinemark will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were paid a $0.08 dividend. The ex-dividend date was Thursday, May 29th. This represents a $0.32 dividend on an annualized basis and a yield of 1.2%. Cinemark’s payout ratio is currently 17.49%.

Insider Buying and Selling at Cinemark

In other news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total value of $825,250.00. Following the completion of the sale, the insider directly owned 130,612 shares of the company’s stock, valued at approximately $4,311,502.12. This represents a 16.07% 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 this hyperlink. Also, insider Wanda Marie Gierhart sold 52,524 shares of Cinemark stock in a transaction on Friday, June 13th. The shares were sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the completion of the transaction, the insider directly owned 94,890 shares in the company, valued at $3,022,246.50. The trade was a 35.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,724 shares of company stock worth $2,724,435. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Cinemark

A number of institutional investors and hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. increased its position in Cinemark by 3.2% in the 2nd quarter. QRG Capital Management Inc. now owns 16,894 shares of the company’s stock valued at $510,000 after acquiring an additional 521 shares during the period. LPL Financial LLC grew its stake in shares of Cinemark by 6.8% in the 4th quarter. LPL Financial LLC now owns 8,722 shares of the company’s stock valued at $270,000 after purchasing an additional 556 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of Cinemark by 3.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,270 shares of the company’s stock valued at $504,000 after purchasing an additional 591 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of Cinemark by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,546 shares of the company’s stock valued at $358,000 after purchasing an additional 618 shares during the period. Finally, Quarry LP raised its stake in shares of Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company’s stock worth $65,000 after purchasing an additional 623 shares during 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.