Cinemark (NYSE:CNK) Price Target Cut to $35.00 by Analysts at Morgan Stanley

Cinemark (NYSE:CNK) had its price objective cut by Morgan Stanley from $40.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently commented on the company. Benchmark reduced their price objective on Cinemark from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday. Wedbush reaffirmed a “neutral” rating and set a $32.00 price target on shares of Cinemark in a research report on Tuesday, February 18th. StockNews.com raised shares of Cinemark from a “sell” rating to a “hold” rating in a report on Sunday, November 10th. Barrington Research restated an “outperform” rating and set a $40.00 target price on shares of Cinemark in a research report on Wednesday. Finally, Macquarie increased their price target on shares of Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.70.

Cinemark Stock Performance

Shares of NYSE CNK opened at $27.47 on Thursday. The firm’s 50-day moving average price is $30.24 and its 200-day moving average price is $29.79. Cinemark has a 52-week low of $15.74 and a 52-week high of $36.28. The company has a market cap of $3.36 billion, a PE ratio of 13.53 and a beta of 2.38. 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 (NYSE:CNK) last issued its earnings results on Wednesday, February 19th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). The company had revenue of $814.30 million during the quarter, compared to analysts’ expectations of $797.18 million. Cinemark had a return on equity of 65.83% and a net margin of 10.16%. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) EPS. As a group, analysts anticipate that Cinemark will post 1.93 EPS for the current year.

Cinemark Dividend Announcement

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

Hedge Funds Weigh In On Cinemark

Large investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its position in shares of Cinemark by 100.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company’s stock worth $127,159,000 after purchasing an additional 2,054,579 shares in the last quarter. Candlestick Capital Management LP grew its holdings in Cinemark by 48.1% during the 4th quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company’s stock valued at $152,782,000 after buying an additional 1,601,537 shares in the last quarter. Maverick Capital Ltd. grew its holdings in Cinemark by 1,356.4% during the 3rd quarter. Maverick Capital Ltd. now owns 1,517,771 shares of the company’s stock valued at $42,255,000 after buying an additional 1,413,557 shares in the last quarter. Simcoe Capital Management LLC bought a new stake in shares of Cinemark during the fourth quarter valued at approximately $37,763,000. Finally, Man Group plc bought a new position in shares of Cinemark during the fourth quarter worth $28,040,000.

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.