Cinemark (NYSE:CNK) Price Target Raised to $29.00 at Morgan Stanley

Cinemark (NYSE:CNK) had its target price lifted by Morgan Stanley from $26.00 to $29.00 in a research report sent to investors on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other brokerages have also commented on CNK. B. Riley raised Cinemark from a neutral rating to a buy rating and raised their price target for the company from $16.00 to $27.00 in a report on Monday, July 8th. Roth Mkm raised Cinemark from a neutral rating to a buy rating and raised their price target for the company from $19.00 to $26.00 in a report on Monday, June 24th. StockNews.com lowered Cinemark from a hold rating to a sell rating in a report on Thursday, May 30th. Macquarie raised their price target on Cinemark from $21.00 to $24.00 and gave the company an outperform rating in a report on Tuesday, July 9th. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cinemark currently has a consensus rating of Moderate Buy and a consensus price target of $24.60.

Cinemark Price Performance

Shares of NYSE CNK opened at $25.97 on Monday. Cinemark has a 1-year low of $13.19 and a 1-year high of $26.46. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.48 and a quick ratio of 1.45. The business’s fifty day moving average price is $20.70 and its two-hundred day moving average price is $18.34. The firm has a market capitalization of $3.18 billion, a PE ratio of 17.91, a P/E/G ratio of 2.14 and a beta of 2.36.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.32 EPS 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 return on equity of 69.48% and a net margin of 7.12%. The company’s quarterly revenue was down 22.1% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. On average, research analysts expect that Cinemark will post 1.08 EPS for the current year.

Hedge Funds Weigh In On Cinemark

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Third Point LLC acquired a new position in shares of Cinemark in the 1st quarter valued at $89,850,000. Dimensional Fund Advisors LP boosted its position in shares of Cinemark by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,568,871 shares of the company’s stock valued at $36,195,000 after purchasing an additional 213,593 shares during the period. Victory Capital Management Inc. boosted its position in shares of Cinemark by 1.4% in the 2nd 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 during the period. Steadfast Capital Management LP acquired a new position in shares of Cinemark in the 1st quarter valued at $29,323,000. Finally, Hennessy Advisors Inc. boosted its position in shares of Cinemark by 18.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock valued at $33,083,000 after purchasing an additional 234,400 shares during the period.

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.