Macquarie Cuts Cinemark (NYSE:CNK) Price Target to $34.00

Cinemark (NYSE:CNK) had its price objective lowered by Macquarie from $36.00 to $34.00 in a research note released on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

CNK has been the subject of a number of other research reports. Benchmark restated a “buy” rating on shares of Cinemark in a report on Thursday. Roth Capital restated a “buy” rating and issued a $35.00 price target on shares of Cinemark in a research note on Wednesday, November 5th. Zacks Research raised Cinemark from a “strong sell” rating to a “hold” rating in a report on Friday, October 3rd. Morgan Stanley reissued an “equal weight” rating and set a $28.00 target price (down previously from $35.00) on shares of Cinemark in a report on Thursday, December 18th. Finally, UBS Group set a $35.00 price target on shares of Cinemark in a research note on Wednesday, December 10th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.55.

Cinemark Price Performance

NYSE:CNK opened at $23.98 on Thursday. The company has a market cap of $2.82 billion, a P/E ratio of 23.05, a P/E/G ratio of 2.37 and a beta of 1.10. The firm’s fifty day moving average price is $25.17 and its two-hundred day moving average price is $26.62. Cinemark has a one year low of $21.60 and a one year high of $34.01. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.76 and a quick ratio of 0.72.

Cinemark (NYSE:CNK) last announced its earnings results on Wednesday, November 5th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $857.50 million for the quarter, compared to the consensus estimate of $851.47 million. Cinemark had a return on equity of 34.33% and a net margin of 4.93%.The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 EPS. Equities analysts expect that Cinemark will post 1.93 earnings per share for the current year.

Cinemark Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were issued a dividend of $0.09 per share. This is an increase from Cinemark’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.36 annualized dividend and a dividend yield of 1.5%. Cinemark’s payout ratio is currently 34.62%.

Insider Activity at Cinemark

In related news, EVP Melissa Thomas sold 22,082 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $24.81, for a total value of $547,854.42. Following the completion of the transaction, the executive vice president owned 167,360 shares of the company’s stock, valued at $4,152,201.60. The trade was a 11.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Cinemark

Several hedge funds and other institutional investors have recently made changes to their positions in CNK. Marshall Wace LLP boosted its position in shares of 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 in the last quarter. Assenagon Asset Management S.A. boosted 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 in the last quarter. Squarepoint Ops LLC increased its stake in shares of Cinemark by 119.9% in the 2nd quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company’s stock valued at $65,808,000 after purchasing an additional 1,188,709 shares during the last quarter. Qube Research & Technologies Ltd increased its stake in shares of Cinemark by 2.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,069,188 shares of the company’s stock valued at $57,979,000 after purchasing an additional 56,275 shares during the last quarter. Finally, Cartenna Capital LP raised its holdings in shares of Cinemark by 29.4% during the 3rd quarter. Cartenna Capital LP now owns 1,650,000 shares of the company’s stock worth $46,233,000 after buying an additional 375,000 shares in the last quarter.

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.