Benchmark Reaffirms “Buy” Rating for Cinemark (NYSE:CNK)

Benchmark restated their buy rating on shares of Cinemark (NYSE:CNK) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $35.00 price target on the stock.

Other equities analysts have also issued research reports about the stock. B. Riley began coverage on shares of Cinemark in a research report on Friday, May 16th. They issued a “neutral” rating and a $35.00 price objective for the company. Barrington Research restated an “outperform” rating and issued a $36.00 target price on shares of Cinemark in a report on Monday, May 5th. Wedbush restated a “neutral” rating and issued a $32.00 target price on shares of Cinemark in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cinemark from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.20.

Cinemark Stock Performance

Shares of CNK opened at $30.71 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.76 and a debt-to-equity ratio of 5.53. The stock has a market cap of $3.53 billion, a P/E ratio of 20.20, a PEG ratio of 1.84 and a beta of 1.88. The company has a 50-day moving average of $31.40 and a two-hundred day moving average of $29.27. Cinemark has a 12-month low of $20.43 and a 12-month high of $36.28.

Cinemark (NYSE:CNK) last announced its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.32). The company had revenue of $540.70 million during the quarter, compared to analysts’ expectations of $604.62 million. Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.19 earnings per share. As a group, research analysts predict that Cinemark will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.32 annualized dividend and a yield of 1.04%. Cinemark’s dividend payout ratio is currently 21.05%.

Insider Activity

In other news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $33.01, for a total value of $825,250.00. Following the completion of the transaction, the insider directly owned 130,612 shares in the company, valued at approximately $4,311,502.12. This represents a 16.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Melissa Thomas sold 7,200 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $31.43, for a total transaction of $226,296.00. Following the completion of the transaction, the executive vice president owned 210,968 shares of the company’s stock, valued at $6,630,724.24. This trade represents a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,724 shares of company stock worth $2,724,435. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Inspire Investing LLC boosted its stake in shares of Cinemark by 605.1% in the first quarter. Inspire Investing LLC now owns 102,936 shares of the company’s stock valued at $2,562,000 after purchasing an additional 88,338 shares during the period. Strs Ohio purchased a new position in shares of Cinemark in the first quarter valued at $3,920,000. Acadian Asset Management LLC purchased a new position in shares of Cinemark in the first quarter valued at $372,000. Intech Investment Management LLC raised its holdings in Cinemark by 52.0% in the first quarter. Intech Investment Management LLC now owns 94,133 shares of the company’s stock valued at $2,343,000 after acquiring an additional 32,190 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Cinemark by 8.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 345,258 shares of the company’s stock valued at $8,593,000 after acquiring an additional 25,490 shares in 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.