Macquarie Cuts Cinemark (NYSE:CNK) Price Target to $34.00

Cinemark (NYSE:CNK) had its price target cut by analysts at Macquarie from $36.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price objective suggests a potential upside of 39.06% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Cinemark in a research note on Monday, December 29th. UBS Group set a $35.00 price objective on shares of Cinemark in a research note on Wednesday, December 10th. Zacks Research upgraded Cinemark from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Wells Fargo & Company decreased their price target on Cinemark from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Morgan Stanley restated an “equal weight” rating and issued a $28.00 price objective (down previously from $35.00) on shares of Cinemark in a report on Thursday, December 18th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.55.

Cinemark Stock Performance

Shares of CNK traded up $0.37 during mid-day trading on Thursday, reaching $24.45. 2,724,734 shares of the company’s stock traded hands, compared to its average volume of 3,092,656. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.72 and a current ratio of 0.76. The business’s 50-day moving average price is $25.35 and its 200-day moving average price is $26.71. The stock has a market capitalization of $2.87 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 2.29 and a beta of 1.10. Cinemark has a 12 month low of $21.60 and a 12 month high of $34.01.

Cinemark (NYSE:CNK) last announced its earnings results on Wednesday, November 5th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). Cinemark had a net margin of 4.93% and a return on equity of 34.33%. The business had revenue of $857.50 million for the quarter, compared to the consensus estimate of $851.47 million. During the same period in the previous year, the firm earned $1.19 EPS. The firm’s revenue was down 7.0% on a year-over-year basis. Equities analysts predict that Cinemark will post 1.93 earnings per share for the current year.

Insider Transactions at Cinemark

In other Cinemark news, EVP Melissa Thomas sold 22,082 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $24.81, for a total transaction of $547,854.42. Following the completion of the sale, the executive vice president directly owned 167,360 shares in the company, valued at approximately $4,152,201.60. This trade represents a 11.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Cinemark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP raised its holdings in Cinemark by 758.9% in the 2nd quarter. Marshall Wace LLP now owns 4,497,305 shares of the company’s stock valued at $135,729,000 after acquiring an additional 3,973,689 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Cinemark by 106.9% in the second quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock worth $78,147,000 after purchasing an additional 1,338,153 shares during the period. Woodline Partners LP bought a new stake in Cinemark in the 3rd quarter valued at $33,390,000. Squarepoint Ops LLC raised its stake in shares of Cinemark by 119.9% in the 2nd quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company’s stock valued at $65,808,000 after buying an additional 1,188,709 shares in the last quarter. Finally, Man Group plc acquired a new position in shares of Cinemark in the 2nd quarter valued at $33,953,000.

Cinemark Company Profile

Cinemark Holdings, Inc (NYSE: CNK) is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company’s core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark’s exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company’s product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.