Wells Fargo & Company Lowers Cinemark (NYSE:CNK) Price Target to $36.00

Cinemark (NYSE:CNK) had its price target reduced by stock analysts at Wells Fargo & Company from $38.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 25.02% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Macquarie boosted their price target on Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Wedbush downgraded shares of Cinemark from a “strong-buy” rating to a “hold” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Cinemark in a report on Friday, January 10th. 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 research note on Thursday, October 10th. Finally, Morgan Stanley lifted their price target on Cinemark from $29.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.80.

Cinemark Stock Down 0.8 %

NYSE:CNK opened at $28.80 on Wednesday. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.98 and a quick ratio of 0.96. The company’s fifty day moving average price is $31.41 and its 200-day moving average price is $28.85. Cinemark has a 1-year low of $13.45 and a 1-year high of $36.28. The firm has a market capitalization of $3.52 billion, a P/E ratio of 18.58 and a beta of 2.40.

Cinemark (NYSE:CNK) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.61. The company had revenue of $921.80 million for 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 firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the firm earned $0.61 EPS. As a group, equities research analysts anticipate that Cinemark will post 2.06 EPS for the current year.

Insider Transactions at Cinemark

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

Hedge Funds Weigh In On Cinemark

Several hedge funds and other institutional investors have recently modified their holdings of CNK. The Manufacturers Life Insurance Company raised its holdings in Cinemark by 4.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 62,287 shares of the company’s stock valued at $1,347,000 after acquiring an additional 2,603 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Cinemark in the second quarter valued at approximately $238,000. Point72 Asia Singapore Pte. Ltd. lifted its position in Cinemark by 38.7% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock worth $68,000 after buying an additional 877 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Cinemark during the second quarter worth $144,000. Finally, GAMMA Investing LLC grew its holdings in Cinemark by 106.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock valued at $56,000 after buying an additional 1,040 shares in the last quarter.

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.