Cinemark (NYSE:CNK) Sets New 52-Week High Following Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK) hit a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $35.00 to $38.00. Wells Fargo & Company currently has an overweight rating on the stock. Cinemark traded as high as $34.43 and last traded at $34.30, with a volume of 1013063 shares. The stock had previously closed at $32.84.

A number of other analysts have also issued reports on the company. Wedbush lowered Cinemark from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 1st. Macquarie raised their target price on Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, November 1st. JPMorgan Chase & Co. boosted their price target on shares of Cinemark from $25.00 to $29.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Morgan Stanley lifted their price objective on shares of Cinemark from $29.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Roth Mkm increased their target price on shares of Cinemark from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.10.

Insiders Place Their Bets

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $32.68, for a total value of $817,000.00. Following the sale, the insider now owns 179,729 shares of the company’s stock, valued at $5,873,543.72. This represents a 12.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Cinemark

Several institutional investors have recently added to or reduced their stakes in CNK. Maverick Capital Ltd. grew its position in Cinemark by 1,356.4% during the third quarter. Maverick Capital Ltd. now owns 1,517,771 shares of the company’s stock valued at $42,255,000 after acquiring an additional 1,413,557 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Cinemark by 1,532.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 650,227 shares of the company’s stock worth $18,102,000 after purchasing an additional 610,398 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Cinemark during the 3rd quarter worth about $12,133,000. Hennessy Advisors Inc. increased its position in Cinemark by 18.1% during the 2nd quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock worth $33,083,000 after purchasing an additional 234,400 shares in the last quarter. Finally, Castellan Group purchased a new position in Cinemark in the third quarter valued at approximately $6,130,000.

Cinemark Trading Up 4.4 %

The firm’s 50 day simple moving average is $29.54 and its 200-day simple moving average is $24.95. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.46. The company has a market capitalization of $4.20 billion, a PE ratio of 21.75, a P/E/G ratio of 1.67 and a beta of 2.35.

Cinemark (NYSE:CNK) last announced its earnings results on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.61. The company had revenue of $921.80 million during the quarter, compared to the consensus estimate of $894.90 million. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $0.61 earnings per share. As a group, equities research analysts anticipate that Cinemark Holdings, Inc. will post 2 EPS for the current year.

About Cinemark

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.