Wedbush Comments on Cinemark Holdings, Inc.’s FY2017 Earnings (CNK)
Cinemark Holdings, Inc. (NYSE:CNK) – Analysts at Wedbush reduced their FY2017 EPS estimates for shares of Cinemark in a research note issued to investors on Monday. Wedbush analyst M. Pachter now expects that the company will earn $1.89 per share for the year, down from their previous 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.
Cinemark (NYSE:CNK) last posted its quarterly earnings data on Friday, November 3rd. The company reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). Cinemark had a net margin of 8.36% and a return on equity of 18.43%. The firm had revenue of $710.70 million during the quarter, compared to analyst estimates of $702.60 million. During the same period in the prior year, the company posted $0.56 earnings per share. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year.
Other analysts also recently issued reports about the company. B. Riley reaffirmed a “buy” rating and issued a $47.00 target price on shares of Cinemark in a research note on Tuesday, December 5th. Zacks Investment Research raised Cinemark from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. MKM Partners reaffirmed a “buy” rating and issued a $46.00 target price on shares of Cinemark in a research note on Monday, September 18th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Cinemark in a research note on Sunday, September 17th. Finally, Royal Bank of Canada cut their target price on Cinemark from $43.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, September 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $42.00.
Shares of Cinemark (CNK) opened at $33.91 on Tuesday. Cinemark has a 52 week low of $32.03 and a 52 week high of $44.84. The stock has a market capitalization of $3,910.00, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 1.04 and a beta of 1.18. The company has a quick ratio of 1.46, a current ratio of 1.50 and a debt-to-equity ratio of 1.50.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Thursday, November 30th. Cinemark’s dividend payout ratio is presently 54.98%.
In other news, EVP Tom Owens sold 9,213 shares of the stock in a transaction 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 directly owns 42,722 shares in the company, valued at approximately $1,537,992. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lee Roy Mitchell sold 299,700 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $36.43, for a total value of $10,918,071.00. Following the transaction, the director now owns 5,528,843 shares of the company’s stock, valued at $201,415,750.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 483,820 shares of company stock valued at $17,672,093. Company insiders own 9.10% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNK. Victory Capital Management Inc. grew its holdings in shares of Cinemark by 1,771.5% during the 3rd quarter. Victory Capital Management Inc. now owns 3,510,900 shares of the company’s stock worth $127,129,000 after purchasing an additional 3,323,302 shares during the period. FMR LLC boosted its holdings in Cinemark by 17.5% during the 2nd quarter. FMR LLC now owns 11,685,034 shares of the company’s stock valued at $453,963,000 after acquiring an additional 1,742,861 shares during the period. Vanguard Group Inc. boosted its holdings in Cinemark by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,385,792 shares of the company’s stock valued at $364,639,000 after acquiring an additional 382,700 shares during the period. River Road Asset Management LLC boosted its holdings in Cinemark by 16.2% during the 3rd quarter. River Road Asset Management LLC now owns 2,269,850 shares of the company’s stock valued at $82,191,000 after acquiring an additional 317,029 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new position in Cinemark during the 2nd quarter valued at about $8,856,000. Institutional investors and hedge funds own 94.62% of the company’s stock.
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Cinemark Company Profile
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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