Wedbush Reaffirms Buy Rating for Cinemark (NYSE:CNK)

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Wedbush reissued their buy rating on shares of Cinemark (NYSE:CNK) in a research note published on Friday morning, AnalystRatings.com reports. Wedbush currently has a $49.00 price objective on the stock.

CNK has been the subject of several other research reports. Loop Capital upgraded Cinemark from a hold rating to a buy rating and set a $44.00 price objective for the company in a research note on Wednesday, July 3rd. ValuEngine upgraded Cinemark from a hold rating to a buy rating in a research note on Thursday, August 1st. MKM Partners decreased their target price on Cinemark to $43.00 and set a buy rating for the company in a research note on Monday, July 15th. Credit Suisse Group began coverage on Cinemark in a research note on Friday, July 19th. They set an outperform rating and a $43.00 target price for the company. Finally, Morgan Stanley decreased their target price on Cinemark from $41.00 to $37.00 and set an equal weight rating for the company in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $44.30.

Shares of CNK opened at $39.57 on Friday. The firm has a 50-day moving average of $37.74. The company has a quick ratio of 0.80, a current ratio of 0.83 and a debt-to-equity ratio of 2.18. The stock has a market cap of $4.81 billion, a PE ratio of 21.62, a PEG ratio of 1.20 and a beta of 0.71. Cinemark has a 1 year low of $34.03 and a 1 year high of $43.51.

Cinemark (NYSE:CNK) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.06. The business had revenue of $957.76 million during the quarter, compared to analysts’ expectations of $906.57 million. Cinemark had a return on equity of 12.61% and a net margin of 5.85%. Research analysts forecast that Cinemark will post 2.29 EPS for the current fiscal year.

In related news, CFO Sean Gamble sold 5,669 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $41.50, for a total transaction of $235,263.50. Following the completion of the sale, the chief financial officer now owns 126,025 shares in the company, valued at $5,230,037.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 9.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund increased its position in Cinemark by 1.0% during the first quarter. Oregon Public Employees Retirement Fund now owns 42,334 shares of the company’s stock worth $1,693,000 after buying an additional 422 shares during the period. GAM Holding AG increased its position in Cinemark by 110.2% during the first quarter. GAM Holding AG now owns 20,183 shares of the company’s stock worth $807,000 after buying an additional 10,583 shares during the period. Texas Permanent School Fund increased its position in Cinemark by 4.0% during the first quarter. Texas Permanent School Fund now owns 72,322 shares of the company’s stock worth $2,892,000 after buying an additional 2,755 shares during the period. First Mercantile Trust Co. increased its position in Cinemark by 9,592.3% during the first quarter. First Mercantile Trust Co. now owns 12,600 shares of the company’s stock worth $504,000 after buying an additional 12,470 shares during the period. Finally, Starr International Co. Inc. acquired a new position in Cinemark during the first quarter worth approximately $154,000. 98.33% of the stock is currently owned by institutional investors.

Cinemark Company Profile

Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of December 31, 2018, it operated 341 theatres and 4,586 screens in 41 states of the United States; and 205 theatres and 1,462 screens in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao, and Paraguay.

See Also: Economic Reports

Analyst Recommendations for Cinemark (NYSE:CNK)

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