Cinemark (NYSE:CNK) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Cinemark (NYSE:CNK) from a strong-buy rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

CNK has been the subject of a number of other research reports. Barrington Research set a $42.00 target price on shares of Cinemark in a research report on Thursday, July 30th. Benchmark boosted their price target on shares of Cinemark from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Guggenheim set a $37.00 price objective on shares of Cinemark in a research note on Thursday, July 2nd. Morgan Stanley set a $40.00 price objective on shares of Cinemark in a research note on Wednesday, July 29th. Finally, Roth Capital set a $40.00 price objective on Cinemark in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Cinemark currently has an average rating of “Moderate Buy” and an average price target of $37.93.

Cinemark Trading Down 1.0%

NYSE CNK opened at $35.63 on Friday. Cinemark has a 52 week low of $21.60 and a 52 week high of $38.98. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.81 and a current ratio of 0.84. The stock’s 50 day moving average price is $34.14 and its two-hundred day moving average price is $30.45. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 21.08 and a beta of 1.00.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.16. Cinemark had a net margin of 6.44% and a return on equity of 50.94%. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the business earned $0.63 EPS. The business’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, analysts anticipate that Cinemark will post 2.36 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Wednesday, August 26th will be paid a dividend of $0.09 per share. The ex-dividend date is Wednesday, August 26th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Cinemark’s payout ratio is currently 21.30%.

Institutional Investors Weigh In On Cinemark

A number of institutional investors and hedge funds have recently modified their holdings of CNK. EverSource Wealth Advisors LLC boosted its stake in shares of Cinemark by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock worth $28,000 after acquiring an additional 507 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Cinemark during the 2nd quarter worth about $32,000. Leonteq Securities AG bought a new stake in shares of Cinemark during the 4th quarter worth about $83,000. Kestra Advisory Services LLC bought a new stake in shares of Cinemark during the 4th quarter worth about $102,000. Finally, KBC Group NV grew its stake in Cinemark by 56.9% in the 1st quarter. KBC Group NV now owns 4,334 shares of the company’s stock valued at $124,000 after buying an additional 1,572 shares during 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.