Cinemark (NYSE:CNK) Lowered to “Neutral” Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Cinemark (NYSE:CNK) from an overweight rating to a neutral rating in a research report report published on Friday, MarketBeat.com reports. JPMorgan Chase & Co. currently has $39.00 price target on the stock, down from their prior price target of $40.00.

A number of other brokerages also recently issued reports on CNK. Morgan Stanley set a $40.00 price objective on shares of Cinemark in a research report on Wednesday, July 29th. Moffett Nathanson reissued a “buy” rating and issued a $40.00 price target on shares of Cinemark in a research note on Thursday, July 30th. B. Riley Financial raised their price objective on shares of Cinemark from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $40.00 target price on shares of Cinemark in a report on Friday, July 31st. Finally, Wells Fargo & Company raised their target price on Cinemark from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.93.

Cinemark Trading Down 0.8%

NYSE CNK opened at $37.37 on Friday. The stock has a market cap of $4.33 billion, a P/E ratio of 22.11 and a beta of 1.00. Cinemark has a fifty-two week low of $21.60 and a fifty-two week high of $38.98. The stock has a 50 day simple moving average of $33.29 and a two-hundred day simple moving average of $29.46. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.81 and a current ratio of 0.84.

Cinemark (NYSE:CNK) last posted its earnings results on Thursday, July 30th. The company reported $1.19 earnings per share (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 firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the firm earned $0.63 earnings per share. The business’s revenue was up 15.5% compared to the same quarter last year. On average, analysts forecast that Cinemark will post 2.34 earnings per share for the current year.

Cinemark Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Wednesday, August 26th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, August 26th. Cinemark’s dividend payout ratio (DPR) is presently 21.30%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in shares of Cinemark by 118.5% in the second quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock worth $28,000 after acquiring an additional 507 shares during the last quarter. Leonteq Securities AG purchased a new position in shares of Cinemark in the 4th quarter worth about $83,000. Kestra Advisory Services LLC bought a new position in Cinemark in the 4th quarter worth about $102,000. Bayforest Capital Ltd bought a new position in Cinemark in the 4th quarter worth about $121,000. Finally, KBC Group NV grew its position in Cinemark by 56.9% during the 1st quarter. KBC Group NV now owns 4,334 shares of the company’s stock valued at $124,000 after purchasing an additional 1,572 shares during the last quarter.

About Cinemark

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.