Wedbush Has Bearish Estimate for Cinemark FY2024 Earnings

Cinemark Holdings, Inc. (NYSE:CNK) – Investment analysts at Wedbush cut their FY2024 EPS estimates for shares of Cinemark in a report issued on Tuesday, October 29th. Wedbush analyst A. Reese now anticipates that the company will post earnings of $1.50 per share for the year, down from their previous estimate of $1.55. Wedbush has a “Outperform” rating and a $32.00 price target on the stock. The consensus estimate for Cinemark’s current full-year earnings is $1.47 per share. Wedbush also issued estimates for Cinemark’s Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.43 EPS, FY2025 earnings at $1.78 EPS and FY2026 earnings at $2.08 EPS.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $0.58 by $0.61. The business had revenue of $921.80 million for the quarter, compared to analysts’ expectations of $894.90 million. Cinemark had a net margin of 5.05% and a return on equity of 41.87%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.61 EPS.

CNK has been the topic of several other reports. Morgan Stanley boosted their price objective on shares of Cinemark from $29.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Wells Fargo & Company lifted their price target on shares of Cinemark from $31.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday. StockNews.com lowered shares of Cinemark from a “hold” rating to a “sell” rating in a research note on Saturday. B. Riley lowered shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price target on the stock. in a research note on Tuesday, August 27th. Finally, Macquarie boosted their price objective on shares of Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.80.

Cinemark Trading Up 0.3 %

CNK opened at $29.85 on Thursday. The stock has a market capitalization of $3.65 billion, a P/E ratio of 30.77, a P/E/G ratio of 2.07 and a beta of 2.36. Cinemark has a 12 month low of $13.19 and a 12 month high of $31.09. The firm’s fifty day simple moving average is $28.24 and its 200 day simple moving average is $23.16. The company has a current ratio of 1.29, a quick ratio of 1.26 and a debt-to-equity ratio of 6.23.

Insider Buying and Selling

In related news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.19, for a total transaction of $679,750.00. Following the completion of the sale, the insider now owns 204,729 shares of the company’s stock, valued at approximately $5,566,581.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Cinemark

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in Cinemark by 18.8% in the 3rd quarter. Principal Financial Group Inc. now owns 629,782 shares of the company’s stock valued at $17,533,000 after purchasing an additional 99,843 shares during the period. Assenagon Asset Management S.A. bought a new stake in Cinemark in the 3rd quarter valued at about $12,133,000. International Assets Investment Management LLC bought a new stake in Cinemark in the 3rd quarter valued at about $9,530,000. Friedenthal Financial bought a new stake in Cinemark in the 3rd quarter valued at about $777,000. Finally, Creative Planning boosted its holdings in Cinemark by 74.8% in the 3rd quarter. Creative Planning now owns 20,907 shares of the company’s stock valued at $582,000 after purchasing an additional 8,946 shares during the period.

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.