Macquarie Has Lowered Expectations for Cinemark (NYSE:CNK) Stock Price

Cinemark (NYSE:CNK) had its price objective lowered by investment analysts at Macquarie from $36.00 to $34.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price target points to a potential upside of 39.06% from the stock’s previous close.

Several other brokerages have also recently issued reports on CNK. Morgan Stanley restated an “equal weight” rating and issued a $28.00 target price (down previously from $35.00) on shares of Cinemark in a report on Thursday, December 18th. JPMorgan Chase & Co. lowered their price objective on Cinemark from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Barrington Research reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Cinemark in a report on Tuesday, September 23rd. Wells Fargo & Company dropped their price objective on shares of Cinemark from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Roth Capital reiterated a “buy” rating and set a $35.00 target price on shares of Cinemark in a report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cinemark has an average rating of “Moderate Buy” and a consensus price target of $34.55.

Cinemark Stock Up 1.5%

NYSE:CNK traded up $0.37 during trading hours on Thursday, hitting $24.45. The company’s stock had a trading volume of 2,724,734 shares, compared to its average volume of 3,092,656. The stock has a fifty day moving average of $25.35 and a 200-day moving average of $26.71. The stock has a market capitalization of $2.87 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 2.29 and a beta of 1.10. Cinemark has a 52-week low of $21.60 and a 52-week high of $34.01. The company has a current ratio of 0.76, a quick ratio of 0.72 and a debt-to-equity ratio of 5.01.

Cinemark (NYSE:CNK) last issued 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). The business had revenue of $857.50 million for the quarter, compared to analyst estimates of $851.47 million. Cinemark had a return on equity of 34.33% and a net margin of 4.93%.Cinemark’s revenue was down 7.0% on a year-over-year basis. During the same period last year, the business posted $1.19 EPS. On average, equities analysts forecast that Cinemark will post 1.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Melissa Thomas sold 22,082 shares of the firm’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 transaction, the executive vice president directly owned 167,360 shares in the company, valued at $4,152,201.60. This trade represents a 11.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Cinemark

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in 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. Elevation Point Wealth Partners LLC bought a new stake in shares of Cinemark in the 2nd quarter worth approximately $47,000. Financial Consulate Inc. bought a new position in Cinemark during the 3rd quarter worth $50,000. Meeder Asset Management Inc. acquired a new stake in Cinemark in the third quarter worth $63,000. Finally, Smartleaf Asset Management LLC increased its position in Cinemark by 20.1% in the third quarter. Smartleaf Asset Management LLC now owns 3,027 shares of the company’s stock worth $83,000 after buying an additional 506 shares during the period.

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.