Morgan Stanley Raises Cinemark (NYSE:CNK) Price Target to $35.00

Cinemark (NYSE:CNK) had its price target hoisted by analysts at Morgan Stanley from $29.00 to $35.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 22.29% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. StockNews.com upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a report on Monday. Roth Mkm boosted their target price on Cinemark from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday. Macquarie raised their price target on Cinemark from $21.00 to $24.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 9th. Benchmark reissued a “buy” rating and issued a $23.00 price target on shares of Cinemark in a research note on Monday, July 1st. Finally, Barrington Research lowered shares of Cinemark from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.70.

Cinemark Stock Performance

Shares of Cinemark stock opened at $28.62 on Friday. The stock has a market cap of $3.50 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.94 and a beta of 2.36. Cinemark has a 12 month low of $13.19 and a 12 month high of $29.15. The company has a quick ratio of 1.26, a current ratio of 1.29 and a debt-to-equity ratio of 6.23. The business has a fifty day simple moving average of $27.42 and a 200-day simple moving average of $21.97.

Cinemark (NYSE:CNK) last issued its earnings results on Friday, August 2nd. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.25. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The company had revenue of $734.20 million for the quarter, compared to the consensus estimate of $691.74 million. During the same quarter in the prior year, the company earned $0.80 EPS. The firm’s quarterly revenue was down 22.1% on a year-over-year basis. On average, sell-side analysts anticipate that Cinemark will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction on Monday, August 19th. The shares were sold at an average price of $27.19, for a total value of $679,750.00. Following the transaction, the insider now owns 204,729 shares in the company, valued at $5,566,581.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Third Point LLC acquired a new stake in shares of Cinemark in the first quarter worth $89,850,000. Dimensional Fund Advisors LP grew its position in Cinemark by 5.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,914,708 shares of the company’s stock worth $63,012,000 after purchasing an additional 148,076 shares during the last quarter. Victory Capital Management Inc. grew its position in Cinemark by 1.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,550,819 shares of the company’s stock worth $55,149,000 after purchasing an additional 35,993 shares during the last quarter. Steadfast Capital Management LP acquired a new position in shares of Cinemark during the first quarter valued at about $29,323,000. Finally, Hennessy Advisors Inc. raised its position in shares of Cinemark by 18.1% during the second quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock valued at $33,083,000 after buying an additional 234,400 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.