Morgan Stanley Lowers Cinemark (NYSE:CNK) Price Target to $34.00

Cinemark (NYSE:CNK) had its price target lowered by Morgan Stanley from $35.00 to $34.00 in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 29.47% from the stock’s previous close.

A number of other brokerages have also commented on CNK. Wells Fargo & Company reiterated an “overweight” rating and issued a $33.00 target price (down previously from $36.00) on shares of Cinemark in a research report on Monday, August 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Cinemark in a research note on Wednesday, October 8th. Barrington Research reiterated an “outperform” rating and issued a $36.00 price objective on shares of Cinemark in a research note on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Cinemark in a report on Thursday, July 10th. They set a “buy” rating and a $36.00 target price for the company. Finally, Zacks Research upgraded shares of Cinemark from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Cinemark presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.30.

Cinemark Stock Performance

Shares of CNK stock opened at $26.26 on Tuesday. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.95 and a beta of 1.75. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88. The business has a fifty day moving average of $26.89 and a 200 day moving average of $28.78. Cinemark has a 1 year low of $23.12 and a 1 year high of $36.28.

Cinemark (NYSE:CNK) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.15). The firm had revenue of $940.50 million for the quarter, compared to analysts’ expectations of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The firm’s revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.32 EPS. As a group, research analysts expect that Cinemark will post 1.93 earnings per share for the current year.

Insider Buying and Selling

In other Cinemark news, EVP Melissa Thomas sold 7,200 shares of Cinemark stock in a transaction on Friday, August 15th. The shares were sold at an average price of $25.17, for a total value of $181,224.00. Following the completion of the transaction, the executive vice president owned 203,768 shares of the company’s stock, valued at approximately $5,128,840.56. The trade was a 3.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Cinemark

Several institutional investors and hedge funds have recently modified their holdings of CNK. GHP Investment Advisors Inc. grew its holdings in Cinemark by 104.8% in the first quarter. GHP Investment Advisors Inc. now owns 28,365 shares of the company’s stock valued at $706,000 after purchasing an additional 14,518 shares during the period. New York State Teachers Retirement System lifted its position in shares of Cinemark by 2.5% during the 1st quarter. New York State Teachers Retirement System now owns 101,388 shares of the company’s stock valued at $2,524,000 after buying an additional 2,450 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Cinemark in the 1st quarter worth $401,000. Principal Financial Group Inc. increased its holdings in Cinemark by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 681,435 shares of the company’s stock worth $16,961,000 after acquiring an additional 18,645 shares in the last quarter. Finally, Alps Advisors Inc. acquired a new position in Cinemark during the first quarter worth $359,000.

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.