Cinemark (NYSE:CNK) Shares Down 3.4% – Here’s What Happened

Cinemark Holdings Inc (NYSE:CNK) shares traded down 3.4% on Monday . The stock traded as low as $28.45 and last traded at $28.4980. 182,119 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 3,786,793 shares. The stock had previously closed at $29.49.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Cinemark in a research note on Tuesday. Zacks Research upgraded Cinemark from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Barrington Research reiterated an “outperform” rating and set a $36.00 price objective on shares of Cinemark in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. cut their target price on Cinemark from $38.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Finally, Morgan Stanley reduced their target price on Cinemark from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, October 21st. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Cinemark presently has an average rating of “Moderate Buy” and a consensus price target of $35.30.

Cinemark Price Performance

The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The stock has a market capitalization of $3.23 billion, a PE ratio of 15.03, a PEG ratio of 1.96 and a beta of 1.69. The business has a fifty day moving average price of $27.82 and a 200-day moving average price of $28.73.

Cinemark (NYSE:CNK) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). The business had revenue of $857.50 million during the quarter, compared to the consensus estimate of $851.47 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 earnings per share. Research analysts expect that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be issued a dividend of $0.09 per share. This is a boost from Cinemark’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, November 28th. Cinemark’s dividend payout ratio is currently 34.62%.

Hedge Funds Weigh In On Cinemark

A number of institutional investors have recently bought and sold shares of CNK. EverSource Wealth Advisors LLC boosted its stake in Cinemark by 118.5% during the second quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock worth $28,000 after acquiring an additional 507 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of Cinemark during the second quarter valued at approximately $47,000. Financial Consulate Inc. bought a new stake in shares of Cinemark in the 3rd quarter worth approximately $50,000. Meeder Asset Management Inc. purchased a new stake in shares of Cinemark in the 3rd quarter worth approximately $63,000. Finally, Smartleaf Asset Management LLC increased its position in Cinemark by 20.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 3,027 shares of the company’s stock valued at $83,000 after buying an additional 506 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.