Cinemark (NYSE:CNK) Hits New 52-Week High on Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK - Get Free Report) reached a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $29.00 to $35.00. Morgan Stanley currently has an overweight rating on the stock. Cinemark traded as high as $29.61 and last traded at $28.96, with a volume of 240714 shares changing hands. The stock had previously closed at $28.63.

Several other brokerages have also issued reports on CNK. Barrington Research lowered Cinemark from an "outperform" rating to a "market perform" rating in a research report on Wednesday, August 28th. B. Riley lowered Cinemark from a "buy" rating to a "neutral" rating and set a $31.00 price objective for the company. in a research report on Tuesday, August 27th. Wedbush lifted their price objective on Cinemark from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Cinemark from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. Finally, Benchmark reissued a "buy" rating and issued a $23.00 price objective on shares of Cinemark in a research report on Monday, July 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $27.70.

Insider Activity at Cinemark

In related news, insider Valmir Fernandes sold 25,000 shares of the business's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the completion of the sale, the insider now directly owns 204,729 shares of the company's stock, valued at $5,566,581.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cinemark

A number of hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its stake in Cinemark by 1.8% during the 2nd quarter. Arizona State Retirement System now owns 30,636 shares of the company's stock valued at $662,000 after purchasing an additional 556 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Cinemark by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 122,908 shares of the company's stock valued at $2,209,000 after purchasing an additional 612 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in Cinemark by 38.7% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company's stock valued at $68,000 after purchasing an additional 877 shares during the last quarter. GAMMA Investing LLC boosted its stake in Cinemark by 106.1% during the 3rd quarter. GAMMA Investing LLC now owns 2,020 shares of the company's stock valued at $56,000 after purchasing an additional 1,040 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its stake in Cinemark by 5.9% during the 2nd quarter. QRG Capital Management Inc. now owns 20,557 shares of the company's stock valued at $444,000 after purchasing an additional 1,148 shares during the last quarter.

Cinemark Price Performance

The business has a 50 day simple moving average of $27.42 and a 200-day simple moving average of $21.97. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 1.94 and a beta of 2.36. 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 (NYSE:CNK - Get Free Report) last announced its earnings results on Friday, August 2nd. The company reported $0.32 earnings per share for the quarter, topping 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 firm had revenue of $734.20 million for the quarter, compared to the consensus estimate of $691.74 million. During the same quarter in the previous year, the business earned $0.80 EPS. The company's revenue was down 22.1% compared to the same quarter last year. Equities research analysts expect that Cinemark Holdings, Inc. will post 1.41 earnings per share for the current year.

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.