Cinemark (NYSE:CNK) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Cinemark (NYSE:CNK) released its earnings results on Wednesday. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04), Zacks reports. The company had revenue of $857.50 million for the quarter, compared to analysts’ expectations of $851.47 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS.

Cinemark Stock Performance

Shares of CNK traded down $0.69 during mid-day trading on Friday, reaching $28.30. 447,088 shares of the company’s stock were exchanged, compared to its average volume of 3,846,039. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88. Cinemark has a 52-week low of $23.12 and a 52-week high of $36.28. The business’s fifty day simple moving average is $27.14 and its 200-day simple moving average is $28.79. The stock has a market capitalization of $3.26 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 1.96 and a beta of 1.69.

Cinemark Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.3%. This is an increase from Cinemark’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, November 28th. Cinemark’s payout ratio is presently 17.49%.

Analyst Upgrades and Downgrades

CNK has been the subject of several recent research reports. Wedbush raised Cinemark from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $32.00 to $37.00 in a research note on Friday, July 11th. Zacks Research raised Cinemark from a “strong sell” rating to a “hold” rating in a research note on Friday, October 3rd. Morgan Stanley lowered their price target on shares of Cinemark from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 21st. Wall Street Zen upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Roth Capital reiterated a “buy” rating and issued a $35.00 target price on shares of Cinemark in a report on Wednesday. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.30.

Insider Transactions at Cinemark

In related news, EVP Melissa Thomas sold 7,200 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $25.17, for a total value of $181,224.00. Following the completion of the sale, the executive vice president directly owned 203,768 shares of the company’s stock, valued at $5,128,840.56. The trade was a 3.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Institutional Trading of Cinemark

Several institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Cinemark by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,699 shares of the company’s stock worth $1,635,000 after purchasing an additional 2,872 shares during the period. Woodline Partners LP bought a new position in shares of Cinemark during the 1st quarter worth about $570,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cinemark by 8.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 345,258 shares of the company’s stock valued at $8,593,000 after acquiring an additional 25,490 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Cinemark during the first quarter worth approximately $372,000. Finally, Russell Investments Group Ltd. raised its position in Cinemark by 48.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 5,228 shares of the company’s stock valued at $158,000 after purchasing an additional 1,696 shares during 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.