Cinemark (NYSE:CNK) Trading 6.9% Higher – Here’s Why

by · The Markets Daily

Cinemark Holdings Inc (NYSE:CNK – Get Free Report)’s share price traded up 6.9% during mid-day trading on Monday . The company traded as high as $23.55 and last traded at $23.47. 816,860 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 3,846,345 shares. The stock had previously closed at $21.95.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Cinemark from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Morgan Stanley dropped their price target on Cinemark from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 21st. Weiss Ratings restated a “hold (c)” rating on shares of Cinemark in a report on Monday, December 1st. Zacks Research upgraded shares of Cinemark from a “strong sell” rating to a “hold” rating in a research note on Friday, October 3rd. Finally, Barrington Research reissued an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research report on Tuesday, September 23rd. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.30.

Read Our Latest Report on Cinemark

Cinemark Stock Performance

The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.72 and a current ratio of 0.76. The firm’s 50 day simple moving average is $27.35 and its 200 day simple moving average is $28.39. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 2.07 and a beta of 1.10.

Cinemark (NYSE:CNK – Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $857.50 million for the quarter, compared to analyst estimates of $851.47 million. Cinemark had a return on equity of 34.33% and a net margin of 4.93%.Cinemark’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. Sell-side analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from Cinemark’s previous quarterly dividend of $0.08. Cinemark’s dividend payout ratio is 34.62%.

Institutional Investors Weigh In On Cinemark

Institutional investors have recently modified their holdings of the business. Marshall Wace LLP increased its position in shares of Cinemark by 758.9% in the second quarter. Marshall Wace LLP now owns 4,497,305 shares of the company’s stock valued at $135,729,000 after buying an additional 3,973,689 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Cinemark by 106.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock valued at $78,147,000 after acquiring an additional 1,338,153 shares during the period. Nuveen LLC purchased a new stake in Cinemark in the 1st quarter worth $32,297,000. Woodline Partners LP acquired a new position in Cinemark during the third quarter worth $33,390,000. Finally, Squarepoint Ops LLC boosted its holdings in Cinemark by 119.9% in the 2nd quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company’s stock worth $65,808,000 after buying an additional 1,188,709 shares during the last quarter.

About Cinemark

(Get Free Report)

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.

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