Wells Fargo & Company Has Lowered Expectations for Cinemark (NYSE:CNK) Stock Price

Cinemark (NYSE:CNK) had its target price trimmed by Wells Fargo & Company from $38.00 to $36.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also recently weighed in on CNK. JPMorgan Chase & Co. lifted their price target on shares of Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. StockNews.com upgraded Cinemark from a “sell” rating to a “hold” rating in a research note on Sunday, November 10th. Wedbush cut Cinemark from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 1st. Barrington Research upgraded Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a report on Thursday, October 31st. Finally, Morgan Stanley increased their target price on Cinemark from $29.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.60.

Cinemark Stock Up 0.3 %

CNK stock opened at $28.93 on Wednesday. The company’s 50 day moving average is $31.49 and its two-hundred day moving average is $28.85. Cinemark has a twelve month low of $13.45 and a twelve month high of $36.28. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 3.46. The stock has a market cap of $3.54 billion, a P/E ratio of 18.66 and a beta of 2.40.

Cinemark (NYSE:CNK) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.61. The firm had revenue of $921.80 million during the quarter, compared to the consensus estimate of $894.90 million. Cinemark had a net margin of 8.36% and a return on equity of 60.21%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.61 earnings per share. Research analysts expect that Cinemark will post 2.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $32.68, for a total transaction of $817,000.00. Following the transaction, the insider now directly owns 179,729 shares of the company’s stock, valued at $5,873,543.72. This trade represents a 12.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CNK. Maverick Capital Ltd. lifted its position in shares of Cinemark by 1,356.4% in the third quarter. Maverick Capital Ltd. now owns 1,517,771 shares of the company’s stock valued at $42,255,000 after buying an additional 1,413,557 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Cinemark by 1,532.5% during the third quarter. BNP Paribas Financial Markets now owns 650,227 shares of the company’s stock worth $18,102,000 after purchasing an additional 610,398 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Cinemark during the 3rd quarter worth approximately $12,133,000. Hennessy Advisors Inc. raised its stake in Cinemark by 13.8% in the 4th quarter. Hennessy Advisors Inc. now owns 1,989,300 shares of the company’s stock worth $61,629,000 after purchasing an additional 241,600 shares in the last quarter. Finally, Castellan Group bought a new stake in shares of Cinemark during the 3rd quarter valued at $6,130,000.

About Cinemark

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.