Morgan Stanley Lowers Cinemark (NYSE:CNK) Price Target to $35.00

Cinemark (NYSE:CNK) had its price objective decreased by investment analysts at Morgan Stanley from $40.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 30.42% from the company’s previous close.

A number of other brokerages have also commented on CNK. Barrington Research reissued an “outperform” rating and issued a $40.00 price target on shares of Cinemark in a report on Wednesday. Wells Fargo & Company reduced their target price on Cinemark from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Benchmark dropped their price target on Cinemark from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday. JPMorgan Chase & Co. reduced their price objective on Cinemark from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Macquarie boosted their target price on Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Cinemark Price Performance

Shares of CNK stock traded down $1.73 on Thursday, reaching $26.84. The company’s stock had a trading volume of 1,565,195 shares, compared to its average volume of 2,598,759. The company has a market capitalization of $3.28 billion, a P/E ratio of 17.38 and a beta of 2.38. Cinemark has a 12-month low of $15.74 and a 12-month high of $36.28. The stock’s 50 day simple moving average is $30.44 and its 200-day simple moving average is $29.76. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.46.

Cinemark (NYSE:CNK) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.06). Cinemark had a net margin of 8.36% and a return on equity of 60.21%. The business had revenue of $814.30 million during the quarter, compared to analysts’ expectations of $797.18 million. During the same period in the previous year, the business earned ($0.15) EPS. The business’s revenue was up 27.5% on a year-over-year basis. As a group, equities analysts predict that Cinemark will post 2.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cinemark

A number of large investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Cinemark by 100.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company’s stock valued at $127,159,000 after acquiring an additional 2,054,579 shares during the last quarter. Candlestick Capital Management LP raised its position in Cinemark by 48.1% during the 4th quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company’s stock valued at $152,782,000 after purchasing an additional 1,601,537 shares during the last quarter. Maverick Capital Ltd. lifted its holdings in Cinemark by 1,356.4% in the 3rd quarter. Maverick Capital Ltd. now owns 1,517,771 shares of the company’s stock worth $42,255,000 after buying an additional 1,413,557 shares during the period. Simcoe Capital Management LLC purchased a new stake in Cinemark in the 4th quarter worth approximately $37,763,000. Finally, Man Group plc bought a new stake in shares of Cinemark in the 4th quarter worth approximately $28,040,000.

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.