Morgan Stanley Cuts Cinemark (NYSE:CNK) Price Target to $35.00

Cinemark (NYSE:CNK) had its price target trimmed by Morgan Stanley from $40.00 to $35.00 in a report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also commented on the company. Macquarie raised their price target on Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Wells Fargo & Company dropped their target price on shares of Cinemark from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. JPMorgan Chase & Co. reduced their price target on shares of Cinemark from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday. Barrington Research restated an “outperform” rating and issued a $40.00 price objective on shares of Cinemark in a report on Wednesday. Finally, StockNews.com upgraded Cinemark from a “sell” rating to a “hold” rating in a report on Sunday, November 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $32.70.

Cinemark Price Performance

Shares of Cinemark stock opened at $27.47 on Thursday. The firm has a market cap of $3.36 billion, a PE ratio of 13.53 and a beta of 2.38. The company’s fifty day simple moving average is $30.24 and its two-hundred day simple moving average is $29.79. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 3.28. Cinemark has a 12-month low of $15.74 and a 12-month high of $36.28.

Cinemark (NYSE:CNK) last announced 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). The business had revenue of $814.30 million for the quarter, compared to analysts’ expectations of $797.18 million. Cinemark had a net margin of 10.16% and a return on equity of 65.83%. The firm’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) EPS. As a group, equities analysts expect that Cinemark will post 1.93 EPS for the current year.

Cinemark Dividend Announcement

The business also recently disclosed a — dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, March 5th. Cinemark’s payout ratio is 15.76%.

Hedge Funds Weigh In On Cinemark

Institutional investors and hedge funds have recently modified their holdings of the stock. Elequin Capital LP grew its position in Cinemark by 211.6% during the 4th quarter. Elequin Capital LP now owns 997 shares of the company’s stock valued at $31,000 after purchasing an additional 677 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Cinemark by 402.4% in the fourth quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company’s stock worth $32,000 after buying an additional 825 shares in the last quarter. Quarry LP lifted its stake in shares of Cinemark by 714.8% in the third quarter. Quarry LP now owns 1,491 shares of the company’s stock worth $42,000 after buying an additional 1,308 shares in the last quarter. Aster Capital Management DIFC Ltd grew its holdings in shares of Cinemark by 380.0% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company’s stock valued at $59,000 after buying an additional 1,501 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of Cinemark during the fourth quarter valued at approximately $63,000.

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.