Zacks Investment Research Upgrades Cinemark (NYSE:CNK) to “Buy”

Cinemark (NYSE:CNK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $22.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.70% from the company’s current price.

According to Zacks, “CINEMARK HOLDINGS Is a leader in the motion picture exhibition industry.Cinemark operates 408 theatres and 4,657 screens in 38 states in the United States and internationally in 12 countries, mainly in Mexico, South and Central America. “

Other research analysts have also recently issued reports about the company. B. Riley boosted their price target on Cinemark from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley lowered their price target on Cinemark from $25.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cinemark currently has an average rating of “Hold” and a consensus target price of $23.40.

CNK stock opened at $19.52 on Tuesday. The business’s 50-day moving average price is $17.53 and its 200-day moving average price is $19.69. The company has a quick ratio of 1.08, a current ratio of 1.10 and a debt-to-equity ratio of 6.51. Cinemark has a twelve month low of $7.56 and a twelve month high of $27.84. The stock has a market cap of $2.34 billion, a P/E ratio of -3.14 and a beta of 2.57.

Cinemark (NYSE:CNK) last posted its quarterly earnings results on Thursday, August 5th. The company reported ($1.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.13) by ($0.06). Cinemark had a negative return on equity of 107.71% and a negative net margin of 135.90%. The business had revenue of $294.70 million during the quarter, compared to analysts’ expectations of $260.98 million. During the same period in the prior year, the firm posted ($1.45) earnings per share. The firm’s revenue for the quarter was up 3174.4% on a year-over-year basis. On average, equities research analysts expect that Cinemark will post -3.7 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of Cinemark by 14.0% during the 1st quarter. Principal Financial Group Inc. now owns 674,455 shares of the company’s stock valued at $13,766,000 after purchasing an additional 82,777 shares during the last quarter. Morgan Stanley increased its position in shares of Cinemark by 32.3% during the 1st quarter. Morgan Stanley now owns 1,058,986 shares of the company’s stock valued at $21,615,000 after purchasing an additional 258,796 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Cinemark by 1,529.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 169,460 shares of the company’s stock valued at $3,720,000 after purchasing an additional 159,060 shares during the last quarter. Quantbot Technologies LP increased its position in shares of Cinemark by 63.4% during the 1st quarter. Quantbot Technologies LP now owns 20,048 shares of the company’s stock valued at $409,000 after purchasing an additional 7,779 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Cinemark during the 2nd quarter valued at approximately $333,000. 86.85% of the stock is currently owned by hedge funds and other institutional investors.

Cinemark Company Profile

Cinemark Holdings, Inc is a holding company, which engages in the provision of motion picture exhibition through its subsidiaries. It operates through the U.S. and International segments. The company was founded by Lee Roy Mitchell in 1984 and is headquartered in Plano, TX.

Featured Story: How do candlesticks reflect price movement?

Get a free copy of the Zacks research report on Cinemark (CNK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Cinemark (NYSE:CNK)

Receive News & Ratings for Cinemark Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cinemark and related companies with MarketBeat.com's FREE daily email newsletter.