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

Cinemark Holdings Inc (NYSE:CNK)’s share price reached a new 52-week high during trading on Wednesday after Morgan Stanley raised their price target on the stock from $30.00 to $36.00. Morgan Stanley currently has an equal weight rating on the stock. Cinemark traded as high as $33.33 and last traded at $33.1460, with a volume of 1088649 shares traded. The stock had previously closed at $32.02.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group reiterated a “sell” rating and issued a $22.00 price objective on shares of Cinemark in a research report on Thursday, February 19th. Barrington Research restated an “outperform” rating and issued a $36.00 price objective on shares of Cinemark in a research report on Monday, May 4th. Zacks Research downgraded Cinemark from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Cinemark in a report on Friday, March 27th. Finally, Benchmark restated a “buy” rating on shares of Cinemark in a report on Thursday, February 19th. Ten equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cinemark has a consensus rating of “Moderate Buy” and an average target price of $33.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in shares of Cinemark by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock valued at $28,000 after acquiring an additional 507 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Cinemark by 20.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 3,027 shares of the company’s stock valued at $83,000 after acquiring an additional 506 shares during the last quarter. Leonteq Securities AG acquired a new position in shares of Cinemark during the 4th quarter valued at about $83,000. GAMMA Investing LLC increased its stake in shares of Cinemark by 51.8% during the 4th quarter. GAMMA Investing LLC now owns 4,022 shares of the company’s stock valued at $93,000 after acquiring an additional 1,372 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of Cinemark during the 4th quarter valued at about $102,000.

Cinemark Stock Performance

The stock’s 50 day moving average price is $28.67 and its 200 day moving average price is $26.41. The company has a current ratio of 0.62, a quick ratio of 0.58 and a debt-to-equity ratio of 5.03. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 29.27 and a beta of 1.00.

Cinemark (NYSE:CNK) last announced its quarterly earnings results on Friday, May 1st. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $643.10 million for the quarter, compared to analyst estimates of $632.74 million. Cinemark had a return on equity of 41.31% and a net margin of 5.31%.The business’s revenue was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.32) earnings per share. On average, analysts expect that Cinemark Holdings Inc will post 2.11 EPS for the current fiscal year.

Cinemark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th will be given a $0.09 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.36 annualized dividend and a dividend yield of 1.1%. Cinemark’s dividend payout ratio is presently 31.86%.

About Cinemark

Cinemark Holdings, Inc (NYSE: CNK) is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company’s core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark’s exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company’s product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.