Cinemark (NYSE:CNK) Downgraded to Hold Rating by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Cinemark (NYSE:CNK) from a strong-buy rating to a hold rating in a research note released on Thursday,Zacks.com reports.

Several other brokerages have also recently weighed in on CNK. Morgan Stanley upped their price target on Cinemark from $30.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 9th. Roth Capital reissued a “buy” rating and set a $37.00 price objective on shares of Cinemark in a research report on Thursday, April 23rd. Guggenheim set a $37.00 target price on shares of Cinemark in a report on Thursday, July 2nd. Barrington Research reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Cinemark in a research report on Monday, May 4th. Finally, B. Riley Financial lifted their price target on shares of Cinemark from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.58.

Cinemark Stock Performance

Cinemark stock opened at $29.91 on Thursday. The stock’s 50 day simple moving average is $30.05 and its two-hundred day simple moving average is $27.74. The company has a debt-to-equity ratio of 5.03, a quick ratio of 0.58 and a current ratio of 0.62. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 26.47 and a beta of 0.98. Cinemark has a fifty-two week low of $21.60 and a fifty-two week high of $34.73.

Cinemark (NYSE:CNK) last announced its earnings results on Friday, May 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $643.10 million during the quarter, compared to the consensus estimate of $632.74 million. Cinemark had a return on equity of 41.31% and a net margin of 5.31%.The firm’s revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.32) EPS. As a group, analysts expect that Cinemark will post 2.18 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 28th. Cinemark’s payout ratio is currently 31.86%.

Institutional Trading of Cinemark

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Cinemark by 118.5% during 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 in the last quarter. Leonteq Securities AG bought a new position in shares of Cinemark in the fourth quarter worth approximately $83,000. GAMMA Investing LLC grew its holdings in shares of Cinemark by 51.8% during the fourth quarter. GAMMA Investing LLC now owns 4,022 shares of the company’s stock valued at $93,000 after buying an additional 1,372 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Cinemark during the fourth quarter valued at approximately $102,000. Finally, Bayforest Capital Ltd purchased a new position in Cinemark in the 4th quarter worth approximately $121,000.

Cinemark Company Profile

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.