Cinemark (NYSE:CNK) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cinemark (NYSE:CNK) from a neutral rating to an overweight rating in a report issued on Friday, MarketBeat Ratings reports. They currently have $34.00 price objective on the stock, up from their previous price objective of $30.00.

A number of other analysts have also recently weighed in on the company. Macquarie reaffirmed an “outperform” rating and issued a $35.00 price target on shares of Cinemark in a research report on Thursday, February 20th. Barrington Research restated an “outperform” rating and issued a $40.00 target price on shares of Cinemark in a report on Wednesday, February 19th. Wedbush reiterated a “neutral” rating and set a $32.00 price target on shares of Cinemark in a report on Tuesday, February 18th. Benchmark reduced their price objective on shares of Cinemark from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Finally, Morgan Stanley decreased their price objective on shares of Cinemark from $40.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $33.10.

Cinemark Price Performance

Shares of CNK opened at $27.90 on Friday. The company has a debt-to-equity ratio of 3.28, a quick ratio of 0.96 and a current ratio of 1.01. The firm has a market cap of $3.29 billion, a PE ratio of 13.74 and a beta of 2.07. Cinemark has a twelve month low of $16.32 and a twelve month high of $36.28. The firm’s 50 day moving average price is $26.77 and its 200 day moving average price is $29.21.

Cinemark (NYSE:CNK) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The business had revenue of $814.30 million for the quarter, compared to the consensus estimate of $797.18 million. Cinemark had a net margin of 10.16% and a return on equity of 65.83%. The firm’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) EPS. As a group, research analysts expect that Cinemark will post 1.93 EPS for the current fiscal year.

Cinemark Dividend Announcement

The business also recently declared a — dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. Cinemark’s dividend payout ratio (DPR) is presently 15.76%.

Insider Activity

In other news, insider Wanda Marie Gierhart sold 9,119 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $27.00, for a total transaction of $246,213.00. Following the completion of the transaction, the insider now directly owns 147,414 shares of the company’s stock, valued at approximately $3,980,178. This trade represents a 5.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cinemark

A number of hedge funds have recently made changes to their positions in CNK. GAMMA Investing LLC grew its holdings in Cinemark by 1,677.9% during the 1st quarter. GAMMA Investing LLC now owns 52,020 shares of the company’s stock worth $1,295,000 after acquiring an additional 49,094 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of Cinemark during the fourth quarter valued at approximately $221,000. Elequin Capital LP increased its holdings in shares of Cinemark by 211.6% in the fourth quarter. Elequin Capital LP now owns 997 shares of the company’s stock valued at $31,000 after purchasing an additional 677 shares in the last quarter. PharVision Advisers LLC acquired a new stake in shares of Cinemark in the fourth quarter valued at approximately $277,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cinemark by 24.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 319,768 shares of the company’s stock worth $9,906,000 after purchasing an additional 61,911 shares during the last quarter.

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.