Wedbush Weighs in on Cinemark’s FY2024 Earnings (NYSE:CNK)

Cinemark Holdings, Inc. (NYSE:CNK) – Equities research analysts at Wedbush cut their FY2024 EPS estimates for shares of Cinemark in a research note issued to investors on Tuesday, October 29th. Wedbush analyst A. Reese now forecasts that the company will earn $1.50 per share for the year, down from their prior estimate of $1.55. Wedbush currently has a “Outperform” rating and a $32.00 target price on the stock. The consensus estimate for Cinemark’s current full-year earnings is $1.41 per share. Wedbush also issued estimates for Cinemark’s Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.43 EPS, FY2025 earnings at $1.78 EPS and FY2026 earnings at $2.08 EPS.

Cinemark (NYSE:CNK) last issued its quarterly 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. The business had revenue of $734.20 million during the quarter, compared to the consensus estimate of $691.74 million. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The business’s quarterly revenue was down 22.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 EPS.

CNK has been the subject of several other reports. B. Riley lowered shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price target for the company. in a report on Tuesday, August 27th. Macquarie lifted their target price on Cinemark from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Morgan Stanley raised their price target on Cinemark from $29.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, StockNews.com downgraded Cinemark from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.20.

Cinemark Stock Performance

Cinemark stock opened at $30.47 on Thursday. The company has a market cap of $3.73 billion, a PE ratio of 21.01, a P/E/G 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 $30.69. The company has a fifty day moving average price of $28.15 and a two-hundred day moving average price of $23.03. The company has a debt-to-equity ratio of 6.23, a current ratio of 1.29 and a quick ratio of 1.26.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Easterly Investment Partners LLC increased its position in shares of Cinemark by 1.1% during the 1st quarter. Easterly Investment Partners LLC now owns 491,903 shares of the company’s stock valued at $8,839,000 after purchasing an additional 5,236 shares during the period. Texas Permanent School Fund Corp grew its holdings in Cinemark by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 92,591 shares of the company’s stock worth $1,664,000 after acquiring an additional 1,345 shares during the period. Mitchell Capital Management Co. raised its position in Cinemark by 3.0% in the first quarter. Mitchell Capital Management Co. now owns 395,801 shares of the company’s stock worth $7,113,000 after acquiring an additional 11,443 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Cinemark in the 1st quarter valued at about $1,865,000. Finally, Sei Investments Co. boosted its position in shares of Cinemark by 38.1% during the 1st quarter. Sei Investments Co. now owns 115,124 shares of the company’s stock valued at $2,069,000 after purchasing an additional 31,739 shares in the last quarter.

Insider Transactions at Cinemark

In related news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.19, for a total transaction of $679,750.00. Following the sale, the insider now directly owns 204,729 shares in the company, valued at $5,566,581.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

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.