Cinemark (NYSE:CNK) Stock Rating Lowered by Wells Fargo & Company

Cinemark (NYSE:CNK) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, Marketbeat.com reports. They presently have a $31.00 price target on the stock, down from their prior price target of $36.00. Wells Fargo & Company‘s price target suggests a potential upside of 1.92% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Benchmark boosted their price objective on shares of Cinemark from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, June 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cinemark in a research note on Wednesday, June 24th. Guggenheim set a $37.00 target price on Cinemark in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price target on Cinemark from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. Finally, Morgan Stanley upped their price target on Cinemark from $30.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, June 9th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Cinemark has a consensus rating of “Moderate Buy” and an average price target of $34.58.

Cinemark Price Performance

NYSE CNK opened at $30.42 on Thursday. The stock has a 50-day simple moving average of $30.12 and a 200 day simple moving average of $27.76. Cinemark has a twelve month low of $21.60 and a twelve month high of $34.73. The stock has a market capitalization of $3.55 billion, a PE ratio of 26.92 and a beta of 0.98. The company has a debt-to-equity ratio of 5.03, a quick ratio of 0.58 and a current ratio of 0.62.

Cinemark (NYSE:CNK) last released its earnings results on Friday, May 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Cinemark had a net margin of 5.31% and a return on equity of 41.31%. The business had revenue of $643.10 million during the quarter, compared to analyst estimates of $632.74 million. During the same period last year, the business earned ($0.32) EPS. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. Research analysts anticipate that Cinemark will post 2.18 EPS for the current year.

Hedge Funds Weigh In On Cinemark

A number of hedge funds and other institutional investors have recently made changes to their positions in CNK. Hudson Bay Capital Management LP grew its holdings in shares of Cinemark by 251.2% in the 3rd quarter. Hudson Bay Capital Management LP now owns 398,762 shares of the company’s stock worth $11,173,000 after purchasing an additional 285,225 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in Cinemark during the 4th quarter valued at about $1,661,000. UBS Group AG lifted its holdings in Cinemark by 49.8% during the 4th quarter. UBS Group AG now owns 1,100,402 shares of the company’s stock valued at $25,573,000 after purchasing an additional 365,630 shares during the last quarter. GHP Investment Advisors Inc. boosted its position in Cinemark by 80.1% in the first quarter. GHP Investment Advisors Inc. now owns 41,764 shares of the company’s stock valued at $1,191,000 after buying an additional 18,579 shares in the last quarter. Finally, Saber Capital Managment LLC acquired a new position in Cinemark in the fourth quarter valued at about $6,300,000.

About Cinemark

Cinemark Holdings, Inc (NYSE: CNK) is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company’s core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark’s exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company’s product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.