Cinemark Holdings Inc (NYSE:CNK – Get Free Report)’s stock price rose 5.6% on Monday . The stock traded as high as $38.70 and last traded at $38.64. 599,450 shares traded hands during trading, a decline of 75% from the average session volume of 2,397,536 shares. The stock had previously closed at $36.60.
Analysts Set New Price Targets
Several analysts have issued reports on CNK shares. JPMorgan Chase & Co. downgraded shares of Cinemark from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $40.00 to $39.00 in a report on Friday, August 14th. Guggenheim set a $37.00 price objective on shares of Cinemark in a research note on Thursday, July 2nd. Wedbush lifted their price objective on Cinemark from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Barrington Research set a $42.00 target price on Cinemark in a research note on Thursday, July 30th. Finally, Weiss Ratings upgraded Cinemark from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.93.
Check Out Our Latest Analysis on Cinemark
Cinemark Price Performance
Cinemark (NYSE:CNK – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.03 by $0.16. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business earned $0.63 EPS. The firm’s revenue was up 15.5% on a year-over-year basis. Sell-side analysts predict that Cinemark Holdings Inc will post 2.36 EPS for the current fiscal year.
Cinemark Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Cinemark’s dividend payout ratio (DPR) is currently 21.30%.
Hedge Funds Weigh In On Cinemark
Several institutional investors and hedge funds have recently bought and sold shares of CNK. BlackRock Inc. purchased a new position in Cinemark during the second quarter worth approximately $530,855,000. Lavaca Capital LLC acquired a new position in shares of Cinemark in the 4th quarter valued at $133,045,000. California State Teachers Retirement System grew its stake in shares of Cinemark by 3,026.1% during the 2nd quarter. California State Teachers Retirement System now owns 3,803,380 shares of the company’s stock valued at $119,867,000 after buying an additional 3,681,716 shares during the period. Orbis Allan Gray Ltd grew its stake in shares of Cinemark by 31.0% during the 4th quarter. Orbis Allan Gray Ltd now owns 15,057,911 shares of the company’s stock valued at $349,946,000 after buying an additional 3,563,810 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Cinemark during the 4th quarter worth $55,296,000.
Cinemark Company Profile
Cinemark Holdings, Inc (NYSE: CNK) is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company’s core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark’s exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.
The company’s product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.
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