Cinemark (NYSE:CNK) Hits New 12-Month High After Earnings Beat

Cinemark Holdings, Inc. (NYSE:CNK)’s share price reached a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $25.39 and last traded at $24.52, with a volume of 1409803 shares changing hands. The stock had previously closed at $24.85.

The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.07 by $0.25. The firm had revenue of $734.20 million during the quarter, compared to analyst estimates of $691.74 million. Cinemark had a return on equity of 69.48% and a net margin of 7.12%. Cinemark’s revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.80 EPS.

Wall Street Analysts Forecast Growth

CNK has been the topic of a number of analyst reports. Roth Mkm lifted their price objective on Cinemark from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. StockNews.com raised shares of Cinemark from a “sell” rating to a “hold” rating in a report on Monday. Wedbush reissued an “outperform” rating and issued a $25.00 price objective on shares of Cinemark in a research note on Monday, July 29th. Barrington Research restated an “outperform” rating and set a $24.00 target price on shares of Cinemark in a research note on Friday, August 2nd. Finally, B. Riley increased their price target on Cinemark from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.60.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Third Point LLC bought a new position in Cinemark during the first quarter valued at approximately $89,850,000. Dimensional Fund Advisors LP raised its holdings in shares of Cinemark by 9.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,568,871 shares of the company’s stock worth $36,195,000 after acquiring an additional 213,593 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Cinemark by 1.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,550,819 shares of the company’s stock valued at $55,149,000 after acquiring an additional 35,993 shares during the last quarter. Steadfast Capital Management LP purchased a new position in shares of Cinemark in the first quarter valued at $29,323,000. Finally, Hennessy Advisors Inc. grew its holdings in shares of Cinemark by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock valued at $33,083,000 after purchasing an additional 234,400 shares in the last quarter.

Cinemark Price Performance

The company has a market cap of $3.21 billion, a P/E ratio of 18.07, a PEG ratio of 2.14 and a beta of 2.36. The firm’s 50-day moving average is $20.33 and its two-hundred day moving average is $18.20. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.48 and a quick ratio of 1.45.

About Cinemark

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.