Cinemark Holdings Inc (CNK) Upgraded to “Equal Weight” at Morgan Stanley
Morgan Stanley upgraded shares of Cinemark Holdings Inc (NYSE:CNK) from an underweight rating to an equal weight rating in a research report released on Thursday. Morgan Stanley currently has $38.00 price target on the stock.
CNK has been the subject of several other reports. Royal Bank Of Canada set a $43.00 target price on Cinemark Holdings and gave the company a hold rating in a research note on Sunday, September 10th. Credit Suisse Group AG reduced their price objective on Cinemark Holdings from $34.00 to $30.00 and set an underperform rating on the stock in a research note on Thursday, September 28th. J P Morgan Chase & Co reduced their price objective on Cinemark Holdings from $47.00 to $42.00 in a research note on Tuesday, August 22nd. Zacks Investment Research upgraded Cinemark Holdings from a sell rating to a hold rating in a research note on Monday, September 11th. Finally, BidaskClub upgraded Cinemark Holdings from a hold rating to a buy rating in a research note on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $42.07.
Cinemark Holdings (NYSE CNK) traded down 0.58% during mid-day trading on Thursday, reaching $37.68. 877,900 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $34.85 and its 200-day moving average price is $39.14. Cinemark Holdings has a 52 week low of $32.03 and a 52 week high of $44.84. The company has a market capitalization of $4.36 billion, a P/E ratio of 16.10 and a beta of 1.10.
Cinemark Holdings (NYSE:CNK) last released its earnings results on Friday, August 4th. The company reported $0.44 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.44. The company had revenue of $751.20 million during the quarter, compared to analysts’ expectations of $751.72 million. Cinemark Holdings had a return on equity of 20.98% and a net margin of 9.12%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 EPS. On average, equities research analysts expect that Cinemark Holdings will post $2.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Shareholders of record on Thursday, August 31st were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.08%. The ex-dividend date was Tuesday, August 29th. Cinemark Holdings’s dividend payout ratio is presently 49.57%.
In related news, CEO Mark Zoradi bought 5,000 shares of the company’s stock in a transaction on Monday, August 28th. The shares were purchased at an average cost of $32.83 per share, with a total value of $164,150.00. Following the completion of the transaction, the chief executive officer now directly owns 167,456 shares of the company’s stock, valued at $5,497,580.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.20% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC increased its position in Cinemark Holdings by 17.5% in the second quarter. FMR LLC now owns 11,685,034 shares of the company’s stock worth $453,963,000 after buying an additional 1,742,861 shares during the period. BlackRock Inc. increased its position in Cinemark Holdings by 13,956.8% in the first quarter. BlackRock Inc. now owns 11,065,807 shares of the company’s stock worth $490,657,000 after buying an additional 10,987,085 shares during the period. Vanguard Group Inc. increased its position in Cinemark Holdings by 4.3% in the second quarter. Vanguard Group Inc. now owns 9,385,792 shares of the company’s stock worth $364,639,000 after buying an additional 382,700 shares during the period. JPMorgan Chase & Co. increased its position in Cinemark Holdings by 2.7% in the second quarter. JPMorgan Chase & Co. now owns 6,095,192 shares of the company’s stock worth $236,798,000 after buying an additional 160,113 shares during the period. Finally, Jennison Associates LLC increased its position in Cinemark Holdings by 32.9% in the second quarter. Jennison Associates LLC now owns 3,988,676 shares of the company’s stock worth $154,960,000 after buying an additional 988,361 shares during the period. 90.13% of the stock is currently owned by hedge funds and other institutional investors.
About Cinemark Holdings
Cinemark Holdings, Inc is engaged in the motion picture exhibition business with theatres in the United States (U.S.), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Paraguay, Curacao and Bolivia. The Company manages its business in two segments: U.S.
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