JPMorgan Chase & Co. Lowers Cinemark (NYSE:CNK) Price Target to $37.00

Cinemark (NYSE:CNK) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $38.00 to $37.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 29.81% from the stock’s current price.

Several other research analysts have also recently issued reports on CNK. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cinemark in a report on Thursday, July 10th. They issued a “buy” rating and a $36.00 price objective for the company. Morgan Stanley dropped their price target on shares of Cinemark from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 21st. Roth Capital restated a “buy” rating and set a $35.00 price objective on shares of Cinemark in a research report on Wednesday. Barrington Research reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Cinemark in a research note on Tuesday, September 23rd. Finally, Wedbush upgraded shares of Cinemark from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $32.00 to $37.00 in a report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.30.

Cinemark Stock Performance

Shares of NYSE CNK opened at $28.50 on Thursday. Cinemark has a 12-month low of $23.12 and a 12-month high of $36.28. The company has a market cap of $3.28 billion, a PE ratio of 15.58, a P/E/G ratio of 1.96 and a beta of 1.69. The stock has a 50 day simple moving average of $27.19 and a 200-day simple moving average of $28.79. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32.

Cinemark (NYSE:CNK) last announced its 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). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The business had revenue of $857.50 million for the quarter, compared to the consensus estimate of $851.47 million. During the same period in the previous year, the firm earned $1.19 EPS. The firm’s revenue was down 7.0% on a year-over-year basis. On average, equities research analysts forecast that Cinemark will post 1.93 EPS 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 that occurred on Friday, August 15th. The shares were sold at an average price of $25.17, for a total transaction of $181,224.00. Following the transaction, the executive vice president directly owned 203,768 shares in the company, valued at approximately $5,128,840.56. The trade was a 3.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

Hedge funds have recently modified their holdings of the business. Marshall Wace LLP boosted its position in Cinemark by 758.9% during the 2nd quarter. Marshall Wace LLP now owns 4,497,305 shares of the company’s stock worth $135,729,000 after acquiring an additional 3,973,689 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Cinemark by 106.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock valued at $78,147,000 after purchasing an additional 1,338,153 shares during the period. Nuveen LLC purchased a new stake in shares of Cinemark in the first quarter worth approximately $32,297,000. Squarepoint Ops LLC lifted its position in shares of Cinemark by 119.9% in the second quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company’s stock worth $65,808,000 after purchasing an additional 1,188,709 shares in the last quarter. Finally, Man Group plc acquired a new stake in shares of Cinemark during the second quarter worth approximately $33,953,000.

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.