Cinemark (NYSE:CNK) Given New $31.00 Price Target at Wells Fargo & Company

Cinemark (NYSE:CNK) had its price objective increased by Wells Fargo & Company from $28.00 to $31.00 in a research report sent to investors on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research firms have also weighed in on CNK. Roth Mkm raised their price objective on shares of Cinemark from $30.00 to $33.00 and gave the company a buy rating in a research note on Thursday. B. Riley lowered shares of Cinemark from a buy rating to a neutral rating and set a $31.00 price objective for the company. in a report on Tuesday, August 27th. Wedbush increased their target price on Cinemark from $28.00 to $31.00 and gave the company an outperform rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their target price on Cinemark from $22.00 to $25.00 and gave the stock a neutral rating in a report on Monday, August 5th. Finally, Benchmark reaffirmed a buy rating and set a $23.00 price target on shares of Cinemark in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cinemark currently has an average rating of Moderate Buy and an average target price of $27.70.

Cinemark Stock Up 2.3 %

Shares of CNK traded up $0.65 during mid-day trading on Thursday, reaching $29.28. The company had a trading volume of 581,966 shares, compared to its average volume of 2,876,050. Cinemark has a 52 week low of $13.19 and a 52 week high of $29.63. The company has a debt-to-equity ratio of 6.23, a quick ratio of 1.26 and a current ratio of 1.29. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 1.94 and a beta of 2.36. The firm has a 50-day moving average price of $27.42 and a 200 day moving average price of $21.97.

Cinemark (NYSE:CNK) last released its earnings results on Friday, August 2nd. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.25. The firm had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $691.74 million. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The company’s quarterly revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 earnings per share. On average, sell-side analysts forecast that Cinemark will post 1.41 EPS for the current year.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.19, for a total transaction of $679,750.00. Following the completion of the sale, the insider now owns 204,729 shares of the company’s stock, valued at $5,566,581.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

Several large investors have recently added to or reduced their stakes in the business. Third Point LLC bought a new position in Cinemark in the first quarter worth approximately $89,850,000. Dimensional Fund Advisors LP raised its holdings in Cinemark by 5.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,914,708 shares of the company’s stock worth $63,012,000 after purchasing an additional 148,076 shares during the period. Victory Capital Management Inc. lifted its position in Cinemark by 1.4% during the second quarter. Victory Capital Management Inc. now owns 2,550,819 shares of the company’s stock valued at $55,149,000 after purchasing an additional 35,993 shares in the last quarter. Steadfast Capital Management LP bought a new stake in Cinemark during the first quarter valued at about $29,323,000. Finally, Hennessy Advisors Inc. increased its position in Cinemark by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock worth $33,083,000 after buying an additional 234,400 shares in the last quarter.

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.