Morgan Stanley Raises Cinemark (NYSE:CNK) Price Target to $26.00

Cinemark (NYSE:CNK) had its target price raised by Morgan Stanley from $24.00 to $26.00 in a research note released on Thursday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

CNK has been the subject of a number of other reports. Roth Mkm raised Cinemark from a neutral rating to a buy rating and lifted their price target for the company from $19.00 to $26.00 in a report on Monday, June 24th. Benchmark reiterated a buy rating and set a $23.00 target price on shares of Cinemark in a research report on Monday, July 1st. Barrington Research reissued an outperform rating and set a $24.00 price target on shares of Cinemark in a research note on Monday, June 17th. Macquarie boosted their price objective on shares of Cinemark from $21.00 to $24.00 and gave the stock an outperform rating in a research report on Tuesday, July 9th. Finally, Wedbush reiterated an outperform rating and issued a $25.00 price objective on shares of Cinemark in a research report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $22.90.

Cinemark Price Performance

Shares of Cinemark stock opened at $21.37 on Thursday. Cinemark has a 1-year low of $13.19 and a 1-year high of $22.19. The firm’s 50-day moving average price is $19.26 and its two-hundred day moving average price is $17.49. The company has a current ratio of 1.48, a quick ratio of 1.45 and a debt-to-equity ratio of 7.42. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 14.74, a P/E/G ratio of 2.01 and a beta of 2.36.

Cinemark (NYSE:CNK) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.40. Cinemark had a return on equity of 69.48% and a net margin of 7.12%. The business had revenue of $579.00 million for the quarter, compared to analyst estimates of $561.91 million. During the same period in the prior year, the company earned ($0.03) EPS. Cinemark’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities analysts predict that Cinemark will post 1.09 earnings per share for the current fiscal 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. Vanguard Group Inc. raised its stake in Cinemark by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,844,490 shares of the company’s stock worth $254,046,000 after buying an additional 214,102 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Cinemark by 30.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 288,058 shares of the company’s stock worth $4,059,000 after purchasing an additional 67,851 shares during the period. Tectonic Advisors LLC raised its position in shares of Cinemark by 2.7% during the fourth quarter. Tectonic Advisors LLC now owns 46,913 shares of the company’s stock worth $661,000 after purchasing an additional 1,243 shares during the period. International Assets Investment Management LLC bought a new position in shares of Cinemark during the 4th quarter valued at about $3,000,000. Finally, New York State Teachers Retirement System grew its position in Cinemark by 6.9% in the fourth quarter. New York State Teachers Retirement System now owns 109,351 shares of the company’s stock valued at $1,541,000 after purchasing an additional 7,013 shares in 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.