Cinemark (NYSE:CNK) Reaches New 52-Week High After Analyst Upgrade

Cinemark Holdings Inc (NYSE:CNK) reached a new 52-week high on Monday after Weiss Ratings upgraded the stock from a hold (c) rating to a hold (c+) rating. The company traded as high as $38.04 and last traded at $38.4520, with a volume of 201897 shares traded. The stock had previously closed at $36.59.

A number of other research firms have also recently commented on CNK. JPMorgan Chase & Co. boosted their price target on Cinemark from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday. Benchmark increased their price objective on shares of Cinemark from $37.00 to $40.00 and gave the company a “buy” rating in a report on Friday. Zacks Research cut shares of Cinemark from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 2nd. Wells Fargo & Company upped their target price on shares of Cinemark from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, B. Riley Financial raised their target price on shares of Cinemark from $35.00 to $37.00 and gave the company a “neutral” rating in a research note on Friday. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Cinemark presently has an average rating of “Moderate Buy” and an average price target of $38.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB grew its holdings in shares of Cinemark by 5.4% in the second quarter. Handelsbanken Fonder AB now owns 29,532 shares of the company’s stock valued at $937,000 after purchasing an additional 1,500 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Cinemark by 378.4% during the second quarter. Assenagon Asset Management S.A. now owns 117,150 shares of the company’s stock valued at $3,717,000 after purchasing an additional 92,661 shares in the last quarter. GAMMA Investing LLC lifted its position in Cinemark by 10.2% during the second quarter. GAMMA Investing LLC now owns 4,982 shares of the company’s stock valued at $158,000 after purchasing an additional 462 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Cinemark by 115.1% in the 1st quarter. Bank of America Corp DE now owns 831,389 shares of the company’s stock worth $23,711,000 after buying an additional 444,965 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Cinemark by 53.2% in the 1st quarter. Janus Henderson Group PLC now owns 376,632 shares of the company’s stock worth $10,742,000 after buying an additional 130,785 shares in the last quarter.

Cinemark Stock Performance

The business’s fifty day moving average price is $31.58 and its two-hundred day moving average price is $28.55. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.81 and a current ratio of 0.84. The stock has a market capitalization of $4.42 billion, a P/E ratio of 22.61 and a beta of 1.00.

Cinemark (NYSE:CNK) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.03 billion. Cinemark had a net margin of 6.44% and a return on equity of 50.94%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 EPS. As a group, sell-side analysts forecast that Cinemark Holdings Inc will post 2.16 earnings per share for the current year.

Cinemark Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were given a dividend of $0.09 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.36 dividend on an annualized basis and a yield of 0.9%. Cinemark’s dividend payout ratio is 21.30%.

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.