Cinemark Holdings, Inc. (NYSE:CNK) – Investment analysts at Wedbush dropped their FY2017 earnings estimates for shares of Cinemark in a report released on Monday. Wedbush analyst M. Pachter now anticipates that the company will earn $1.89 per share for the year, down from their prior forecast of $2.03. Wedbush has a “Buy” rating and a $38.00 price target on the stock. Wedbush also issued estimates for Cinemark’s Q4 2017 earnings at $0.43 EPS, Q4 2018 earnings at $0.52 EPS and FY2018 earnings at $2.37 EPS.
A number of other research firms also recently weighed in on CNK. MKM Partners reaffirmed a “buy” rating and issued a $46.00 target price on shares of Cinemark in a research report on Monday, September 18th. B. Riley reaffirmed a “buy” rating and issued a $47.00 target price on shares of Cinemark in a research report on Tuesday, December 5th. Credit Suisse Group cut their price objective on shares of Cinemark from $34.00 to $30.00 and set an “underperform” rating on the stock in a research report on Thursday, September 28th. Zacks Investment Research downgraded shares of Cinemark from a “hold” rating to a “sell” rating in a research report on Thursday, October 12th. Finally, Royal Bank of Canada cut their price objective on shares of Cinemark from $43.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, September 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. Cinemark currently has an average rating of “Hold” and a consensus target price of $42.00.
Cinemark (NYSE:CNK) last released its earnings results on Friday, November 3rd. The company reported $0.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.02). The business had revenue of $710.70 million during the quarter, compared to analysts’ expectations of $702.60 million. Cinemark had a return on equity of 18.43% and a net margin of 8.36%. The firm’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 earnings per share.
Large investors have recently modified their holdings of the company. Jane Street Group LLC bought a new position in shares of Cinemark in the 3rd quarter worth approximately $454,000. Jupiter Asset Management Ltd. lifted its stake in shares of Cinemark by 11.1% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 299,841 shares of the company’s stock worth $10,857,000 after purchasing an additional 30,000 shares during the period. Aperio Group LLC lifted its stake in shares of Cinemark by 34.2% in the 3rd quarter. Aperio Group LLC now owns 42,818 shares of the company’s stock worth $1,550,000 after purchasing an additional 10,905 shares during the period. Swiss National Bank lifted its stake in shares of Cinemark by 4.8% in the 2nd quarter. Swiss National Bank now owns 181,200 shares of the company’s stock worth $7,040,000 after purchasing an additional 8,300 shares during the period. Finally, Macquarie Group Ltd. lifted its stake in shares of Cinemark by 7.3% in the 2nd quarter. Macquarie Group Ltd. now owns 1,650,767 shares of the company’s stock worth $64,132,000 after purchasing an additional 112,720 shares during the period. Hedge funds and other institutional investors own 94.62% of the company’s stock.
In other news, Director Lee Roy Mitchell sold 174,607 shares of the stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $36.72, for a total value of $6,411,569.04. Following the transaction, the director now owns 5,528,843 shares in the company, valued at approximately $203,019,114.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tom Owens sold 9,213 shares of the stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $36.00, for a total transaction of $331,668.00. Following the completion of the transaction, the executive vice president now owns 42,722 shares in the company, valued at approximately $1,537,992. The disclosure for this sale can be found here. Insiders have sold a total of 483,820 shares of company stock worth $17,672,093 in the last 90 days. Company insiders own 9.10% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, November 30th. Cinemark’s dividend payout ratio is currently 54.98%.
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Cinemark Holdings, Inc is engaged in the motion picture exhibition business with theatres in the United States (U.S.), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Paraguay, Curacao and Bolivia. The Company manages its business in two segments: U.S.
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