Cinemark (NYSE:CNK) Trading Up 4.6% – Here’s Why

Cinemark Holdings, Inc. (NYSE:CNK) shares were up 4.6% during mid-day trading on Monday . The company traded as high as $25.73 and last traded at $25.70. Approximately 418,916 shares were traded during trading, a decline of 85% from the average daily volume of 2,887,827 shares. The stock had previously closed at $24.58.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CNK. Wedbush reaffirmed a “neutral” rating and issued a $32.00 target price on shares of Cinemark in a research report on Tuesday, February 18th. Macquarie reiterated an “outperform” rating and set a $35.00 target price on shares of Cinemark in a research report on Thursday, February 20th. Wells Fargo & Company lowered their target price on shares of Cinemark from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley cut their price target on shares of Cinemark from $40.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, February 20th. Finally, Benchmark lowered their price objective on Cinemark from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.70.

Cinemark Stock Performance

The stock has a 50-day moving average of $27.12 and a 200 day moving average of $29.28. The company has a debt-to-equity ratio of 3.28, a quick ratio of 0.96 and a current ratio of 1.01. The firm has a market capitalization of $3.03 billion, a P/E ratio of 12.64 and a beta of 2.07.

Cinemark (NYSE:CNK) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Cinemark had a net margin of 10.16% and a return on equity of 65.83%. The business had revenue of $814.30 million during the quarter, compared to the consensus estimate of $797.18 million. During the same period in the prior year, the firm earned ($0.15) earnings per share. The business’s quarterly revenue was up 27.5% compared to the same quarter last year. On average, research analysts anticipate that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The business also recently declared a — dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.08 dividend. The ex-dividend date was Wednesday, March 5th. Cinemark’s dividend payout ratio is currently 15.76%.

Insider Buying and Selling at Cinemark

In other news, insider Wanda Marie Gierhart sold 9,119 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $27.00, for a total transaction of $246,213.00. Following the transaction, the insider now owns 147,414 shares of the company’s stock, valued at $3,980,178. This represents a 5.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Cinemark by 148.7% in the 3rd quarter. FMR LLC now owns 30,401 shares of the company’s stock valued at $846,000 after purchasing an additional 18,177 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Cinemark in the third quarter valued at approximately $2,511,000. Quarry LP boosted its stake in Cinemark by 714.8% in the third quarter. Quarry LP now owns 1,491 shares of the company’s stock valued at $42,000 after acquiring an additional 1,308 shares during the last quarter. XTX Topco Ltd acquired a new stake in Cinemark during the 3rd quarter worth $474,000. Finally, Luxor Capital Group LP grew its holdings in Cinemark by 2.9% during the 3rd quarter. Luxor Capital Group LP now owns 102,200 shares of the company’s stock worth $2,845,000 after acquiring an additional 2,905 shares during the period.

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.