Wedbush Issues Pessimistic Forecast for Cinemark Earnings

Cinemark Holdings, Inc. (NYSE:CNK) – Equities research analysts at Wedbush reduced their FY2024 earnings per share (EPS) estimates for Cinemark in a report issued on Tuesday, October 29th. Wedbush analyst A. Reese now forecasts that the company will post earnings of $1.50 per share for the year, down from their prior forecast 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.

Several other brokerages have also recently commented on CNK. The Goldman Sachs Group boosted their price target on Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Barrington Research upgraded Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Thursday. StockNews.com cut Cinemark from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th. B. Riley cut Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price target for the company. in a research report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. boosted their price target on Cinemark from $25.00 to $29.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.40.

Cinemark Stock Down 2.3 %

Shares of CNK opened at $29.78 on Thursday. The company has a debt-to-equity ratio of 6.23, a quick ratio of 1.26 and a current ratio of 1.29. Cinemark has a one year low of $13.19 and a one year high of $31.09. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 1.94 and a beta of 2.36. The stock has a 50 day moving average price of $28.15 and a 200 day moving average price of $23.03.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Friday, August 2nd. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.25. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The business had revenue of $734.20 million during the quarter, compared to analysts’ expectations of $691.74 million. During the same period in the previous year, the business earned $0.80 earnings per share. The business’s revenue was down 22.1% compared to the same quarter last year.

Hedge Funds Weigh In On Cinemark

Large investors have recently modified their holdings of the business. Third Point LLC purchased a new stake in shares of Cinemark in the 1st quarter valued at $89,850,000. Dimensional Fund Advisors LP raised its holdings in shares of Cinemark by 5.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,914,708 shares of the company’s stock valued at $63,012,000 after buying an additional 148,076 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Cinemark by 1.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,550,819 shares of the company’s stock valued at $55,149,000 after buying an additional 35,993 shares during the period. Steadfast Capital Management LP purchased a new stake in shares of Cinemark in the 1st quarter valued at $29,323,000. Finally, Hennessy Advisors Inc. raised its holdings in shares of Cinemark by 18.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock valued at $33,083,000 after buying an additional 234,400 shares during the period.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the transaction, the insider now owns 204,729 shares of the company’s stock, valued at $5,566,581.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

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.