JPMorgan Chase & Co. Downgrades Cinemark (NYSE:CNK) to Neutral

Cinemark (NYSE:CNK) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Friday, MarketBeat Ratings reports. They presently have a $39.00 target price on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 3.49% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley set a $40.00 price objective on Cinemark in a report on Wednesday, July 29th. Moffett Nathanson reissued a “buy” rating and set a $40.00 target price on shares of Cinemark in a research note on Thursday, July 30th. The Goldman Sachs Group upgraded Cinemark from a “sell” rating to a “neutral” rating and upped their target price for the company from $23.00 to $30.00 in a report on Wednesday, July 8th. Roth Capital set a $40.00 price target on Cinemark in a research note on Thursday, July 30th. Finally, Guggenheim set a $37.00 price objective on shares of Cinemark in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.93.

Cinemark Price Performance

CNK opened at $37.69 on Friday. The stock’s 50 day simple moving average is $33.17 and its 200 day simple moving average is $29.40. The company has a debt-to-equity ratio of 3.87, a current ratio of 0.84 and a quick ratio of 0.81. Cinemark has a 1 year low of $21.60 and a 1 year high of $38.98. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 22.30 and a beta of 1.00.

Cinemark (NYSE:CNK) last issued its earnings results on Thursday, July 30th. The company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.03 by $0.16. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.03 billion. Cinemark had a net margin of 6.44% and a return on equity of 50.94%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. As a group, analysts predict that Cinemark will post 2.34 earnings per share for the current year.

Institutional Investors Weigh In On Cinemark

A number of institutional investors have recently made changes to their positions in CNK. State of New Jersey Common Pension Fund D bought a new stake in shares of Cinemark in the 4th quarter worth $1,661,000. UBS Group AG lifted its holdings in shares of Cinemark by 49.8% during the fourth 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 in the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of Cinemark by 80.1% during the first quarter. GHP Investment Advisors Inc. now owns 41,764 shares of the company’s stock valued at $1,191,000 after purchasing an additional 18,579 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Cinemark by 53.2% during the first quarter. Janus Henderson Group PLC now owns 376,632 shares of the company’s stock valued at $10,742,000 after buying an additional 130,785 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in Cinemark by 113.9% in the 1st quarter. Sei Investments Co. now owns 162,635 shares of the company’s stock worth $4,638,000 after buying an additional 86,585 shares in the last quarter.

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.