Cinemark (NYSE:CNK) Hits New 12-Month High After Earnings Beat

Cinemark Holdings, Inc. (NYSE:CNK) shares reached a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $25.39 and last traded at $24.52, with a volume of 1409803 shares trading hands. The stock had previously closed at $24.85.

The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.25. The company had revenue of $734.20 million for the quarter, compared to analyst estimates of $691.74 million. Cinemark had a net margin of 7.12% and a return on equity of 69.48%. Cinemark’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same quarter last year, the business earned $0.80 EPS.

Wall Street Analyst Weigh In

CNK has been the subject of several research analyst reports. Benchmark restated a “buy” rating and set a $23.00 price target on shares of Cinemark in a research note on Monday, July 1st. Morgan Stanley boosted their target price on Cinemark from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday. JPMorgan Chase & Co. raised their price target on shares of Cinemark from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Monday. Roth Mkm boosted their price objective on shares of Cinemark from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Finally, B. Riley raised their target price on shares of Cinemark from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.60.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. NBC Securities Inc. lifted its holdings in Cinemark by 17.2% in the 4th quarter. NBC Securities Inc. now owns 4,764 shares of the company’s stock worth $67,000 after buying an additional 700 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Cinemark during the second quarter worth about $79,000. Fifth Third Bancorp lifted its stake in shares of Cinemark by 414.4% in the second quarter. Fifth Third Bancorp now owns 4,480 shares of the company’s stock worth $97,000 after acquiring an additional 3,609 shares in the last quarter. Virtu Financial LLC purchased a new position in Cinemark in the fourth quarter valued at about $192,000. Finally, First Dallas Securities Inc. acquired a new stake in Cinemark during the 2nd quarter valued at approximately $208,000.

Cinemark Stock Up 3.1 %

The firm has a fifty day simple moving average of $20.33 and a 200-day simple moving average of $18.20. The company has a market capitalization of $3.21 billion, a PE ratio of 18.07, a P/E/G ratio of 2.14 and a beta of 2.36. The company has a debt-to-equity ratio of 7.42, a quick ratio of 1.45 and a current ratio of 1.48.

Cinemark Company Profile

Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of February 16, 2024, it operated 501 theatres with 5,719 screens in 42 states and 13 countries in South and Central America. Cinemark Holdings, Inc was founded in 1984 and is headquartered in Plano, Texas.