Cinemark (NYSE:CNK) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Cinemark from “strong buy” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with nine Buy ratings and six Hold ratings.
• Cinemark shares opened at $34.98, near their 12-month high of $38.98; analysts’ average price target is $37.93.
• The company exceeded quarterly expectations, reporting $1.19 in EPS versus a $1.03 estimate and $1.09 billion in revenue, up 15.5% year over year.

Cinemark (NYSE:CNK - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

CNK has been the topic of a number of other reports. Wall Street Zen downgraded shares of Cinemark from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. Morgan Stanley set a $40.00 price objective on shares of Cinemark in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $40.00 price objective on shares of Cinemark in a research report on Friday, July 31st. Roth Capital set a $40.00 target price on shares of Cinemark in a research note on Thursday, July 30th. Finally, Barrington Research set a $42.00 target price on Cinemark in a research report on Thursday, July 30th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Cinemark presently has a consensus rating of "Moderate Buy" and an average price target of $37.93.

Cinemark Stock Performance

Shares of NYSE CNK opened at $34.98 on Wednesday. The company has a 50 day simple moving average of $34.25 and a two-hundred day simple moving average of $30.66. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 20.70 and a beta of 0.98. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 3.87. Cinemark has a 12 month low of $21.60 and a 12 month high of $38.98.

Cinemark (NYSE:CNK - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.03 by $0.16. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.03 billion. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The business's quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 EPS. As a group, analysts predict that Cinemark will post 2.36 earnings per share for the current year.

Hedge Funds Weigh In On Cinemark

Large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 last quarter. Woodline Partners LP acquired a new position in Cinemark in the first quarter valued at about $570,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cinemark by 8.0% during 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 worth $8,593,000 after buying an additional 25,490 shares during the period. Acadian Asset Management LLC purchased a new position in Cinemark during the first quarter worth about $372,000. Finally, Russell Investments Group Ltd. increased its position in shares of Cinemark by 48.0% during the second quarter. Russell Investments Group Ltd. now owns 5,228 shares of the company's stock valued at $158,000 after acquiring an additional 1,696 shares during the last quarter.

Cinemark Company Profile

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.

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