Cinemark (NYSE:CNK) Stock Price Down 5.5% – What’s Next?

Cinemark Holdings Inc (NYSE:CNK)’s share price traded down 5.5% during mid-day trading on Wednesday . The stock traded as low as $24.15 and last traded at $23.8560. 955,487 shares traded hands during trading, a decline of 75% from the average session volume of 3,782,178 shares. The stock had previously closed at $25.25.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CNK. Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of Cinemark in a research report on Wednesday, November 5th. JPMorgan Chase & Co. lowered their price objective on Cinemark from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Zacks Research raised shares of Cinemark from a “strong sell” rating to a “hold” rating in a report on Friday, October 3rd. Morgan Stanley dropped their price target on shares of Cinemark from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 21st. Finally, Barrington Research reissued an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research note on Tuesday, September 23rd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.30.

Cinemark Stock Down 8.3%

The company has a quick ratio of 0.72, a current ratio of 0.76 and a debt-to-equity ratio of 5.01. The company has a market capitalization of $2.57 billion, a PE ratio of 21.04, a price-to-earnings-growth ratio of 2.16 and a beta of 1.10. The firm has a 50-day moving average of $27.49 and a two-hundred day moving average of $28.50.

Cinemark (NYSE:CNK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The business had revenue of $857.50 million for the quarter, compared to analysts’ expectations of $851.47 million. Cinemark had a return on equity of 34.33% and a net margin of 4.93%.The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.19 earnings per share. Equities research analysts predict that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, November 28th. This is an increase from Cinemark’s previous quarterly dividend of $0.08. Cinemark’s dividend payout ratio (DPR) is currently 34.62%.

Hedge Funds Weigh In On Cinemark

Several hedge funds have recently added to or reduced their stakes in CNK. Amalgamated Bank grew its position in shares of Cinemark by 1.7% in the 3rd quarter. Amalgamated Bank now owns 29,626 shares of the company’s stock valued at $830,000 after buying an additional 488 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Cinemark by 20.1% during the third quarter. Smartleaf Asset Management LLC now owns 3,027 shares of the company’s stock worth $83,000 after purchasing an additional 506 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Cinemark by 118.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock valued at $28,000 after purchasing an additional 507 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Cinemark by 3.2% in the 2nd quarter. QRG Capital Management Inc. now owns 16,894 shares of the company’s stock valued at $510,000 after purchasing an additional 521 shares during the period. Finally, Resona Asset Management Co. Ltd. grew its stake in Cinemark by 7.2% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 12,056 shares of the company’s stock worth $364,000 after buying an additional 812 shares during 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.