Cinemark (NYSE:CNK) Reaches New 12-Month High – Here’s Why

Cinemark Holdings, Inc. (NYSE:CNK) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $33.44 and last traded at $33.44, with a volume of 1822268 shares changing hands. The stock had previously closed at $31.99.

Wall Street Analyst Weigh In

CNK has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on Cinemark from $31.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Macquarie upped their price objective on Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Wedbush downgraded shares of Cinemark from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 1st. StockNews.com raised Cinemark from a “sell” rating to a “hold” rating in a report on Sunday, November 10th. Finally, B. Riley downgraded shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price objective for the company. in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.80.

Cinemark Stock Performance

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’s 50 day moving average price is $29.20 and its 200 day moving average price is $24.46. The firm has a market cap of $3.95 billion, a PE ratio of 20.81, a P/E/G ratio of 1.68 and a beta of 2.35.

Cinemark (NYSE:CNK) last announced its earnings results on Thursday, October 31st. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.61. The business had revenue of $921.80 million for the quarter, compared to analyst estimates of $894.90 million. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.61 earnings per share. As a group, equities analysts forecast that Cinemark Holdings, Inc. will post 2 earnings per share for the current fiscal year.

Insider Transactions at Cinemark

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

Institutional Investors 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 during the 1st quarter valued at $89,850,000. Steadfast Capital Management LP acquired a new stake in Cinemark in the 1st quarter valued at about $29,323,000. Maverick Capital Ltd. boosted its position in shares of Cinemark by 1,356.4% during the 3rd quarter. Maverick Capital Ltd. now owns 1,517,771 shares of the company’s stock valued at $42,255,000 after purchasing an additional 1,413,557 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new position in shares of Cinemark in the 1st quarter worth approximately $15,975,000. Finally, Nut Tree Capital Management LP acquired a new position in Cinemark in the first quarter worth approximately $13,250,000.

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.