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

Cinemark Holdings Inc (NYSE:CNK) hit a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $32.02.

Several other brokerages also recently weighed in on CNK. B. Riley Financial reaffirmed a “neutral” rating on shares of Cinemark in a research report on Friday, April 17th. JPMorgan Chase & Co. boosted their price target on Cinemark from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Barrington Research restated an “outperform” rating and issued a $36.00 price target on shares of Cinemark in a report on Monday, May 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cinemark in a research report on Friday, March 27th. Finally, Wells Fargo & Company lifted their price objective on shares of Cinemark from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Ten investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $33.77.

Institutional Trading of Cinemark

A number of hedge funds have recently made changes to their positions in CNK. EverSource Wealth Advisors LLC grew its position in shares of Cinemark by 118.5% during the second quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock worth $28,000 after buying an additional 507 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Cinemark by 20.1% during the third quarter. Smartleaf Asset Management LLC now owns 3,027 shares of the company’s stock worth $83,000 after buying an additional 506 shares in the last quarter. Leonteq Securities AG acquired a new stake in shares of Cinemark during the fourth quarter worth approximately $83,000. GAMMA Investing LLC grew its position in shares of Cinemark by 51.8% during the fourth quarter. GAMMA Investing LLC now owns 4,022 shares of the company’s stock worth $93,000 after buying an additional 1,372 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cinemark during the fourth quarter worth approximately $102,000.

Cinemark Price Performance

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

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

Cinemark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Thursday, May 28th will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.36 annualized dividend and a yield of 1.1%. Cinemark’s dividend payout ratio (DPR) is 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.