Cinemark (NYSE:CNK) Shares Down 6.1% on Analyst Downgrade

Cinemark Holdings Inc (NYSE:CNK - Get Free Report) shares were down 6.1% during mid-day trading on Wednesday after Roth Capital lowered their price target on the stock from $36.00 to $35.00. Roth Capital currently has a buy rating on the stock. Cinemark traded as low as $28.84 and last traded at $28.78. Approximately 1,432,397 shares changed hands during trading, a decline of 55% from the average daily volume of 3,182,794 shares. The stock had previously closed at $30.64.

A number of other equities research analysts have also recently issued reports on CNK. B. Riley assumed coverage on Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $35.00 target price on shares of Cinemark in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on Cinemark from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Wedbush reissued a "neutral" rating and set a $32.00 price target on shares of Cinemark in a report on Monday, April 28th. Finally, Barrington Research restated an "outperform" rating and set a $36.00 price objective on shares of Cinemark in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $33.58.

Insider Buying and Selling

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the completion of the sale, the insider owned 94,890 shares in the company, valued at approximately $3,022,246.50. This represents a 35.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total value of $825,250.00. Following the completion of the transaction, the insider owned 130,612 shares in the company, valued at $4,311,502.12. The trade was a 16.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,724 shares of company stock worth $2,724,435. Corporate insiders own 2.10% of the company's stock.

Institutional Trading of Cinemark

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in shares of Cinemark during the fourth quarter valued at approximately $1,494,000. Edgestream Partners L.P. acquired a new stake in Cinemark during the 4th quarter valued at $589,000. Amundi purchased a new stake in shares of Cinemark in the fourth quarter valued at $5,985,000. AlphaQuest LLC boosted its position in shares of Cinemark by 278.7% in the fourth quarter. AlphaQuest LLC now owns 15,646 shares of the company's stock worth $485,000 after buying an additional 11,515 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cinemark by 23.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,978 shares of the company's stock valued at $867,000 after buying an additional 5,365 shares in the last quarter.

Cinemark Stock Up 3.4%

The firm has a market cap of $3.43 billion, a PE ratio of 19.57, a P/E/G ratio of 1.84 and a beta of 1.88. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.79 and a quick ratio of 0.76. The business has a fifty day moving average price of $31.44 and a two-hundred day moving average price of $29.24.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.32). The business had revenue of $540.70 million during the quarter, compared to analyst estimates of $604.62 million. Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The firm's revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, analysts anticipate that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Thursday, May 29th. Cinemark's dividend payout ratio (DPR) is currently 21.05%.

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.