Cinemark Holdings, Inc. (NYSE:CNK) – Equities research analysts at Wedbush cut their FY2017 earnings estimates for shares of Cinemark in a research report issued to clients and investors on Monday. Wedbush analyst M. Pachter now anticipates that the company will post earnings per share of $1.89 for the year, down from their prior forecast of $2.03. Wedbush has a “Buy” rating and a $38.00 price objective 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.
CNK has been the topic of several other reports. Credit Suisse Group cut their price objective on shares of Cinemark from $34.00 to $30.00 and set an “underperform” rating on the stock in a research report on Thursday, September 28th. Morgan Stanley raised shares of Cinemark from an “underweight” rating to an “equal weight” rating and set a $38.00 price objective on the stock in a research report on Thursday, October 5th. Royal Bank of Canada cut their price objective on shares of Cinemark from $43.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, September 25th. Zacks Investment Research downgraded shares of Cinemark from a “hold” rating to a “sell” rating in a research report on Thursday, October 12th. Finally, B. Riley set a $47.00 price objective on shares of Cinemark and gave the company a “buy” rating in a research report on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $42.00.
Cinemark (NYSE:CNK) last announced 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 for the quarter, compared to analysts’ expectations of $702.60 million. During the same period last year, the company posted $0.56 earnings per share. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year.
The business 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 3.37%. The ex-dividend date of this dividend was Thursday, November 30th. Cinemark’s payout ratio is presently 54.98%.
In other news, EVP Tom Owens sold 9,213 shares of the stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $36.00, for a total value of $331,668.00. Following the transaction, the executive vice president now owns 42,722 shares in the company, valued at approximately $1,537,992. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lee Roy Mitchell sold 174,607 shares of the stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $36.72, for a total transaction of $6,411,569.04. Following the completion of the transaction, the director now owns 5,528,843 shares in the company, valued at approximately $203,019,114.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 483,820 shares of company stock worth $17,672,093. Insiders own 9.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. Leith Wheeler Investment Counsel Ltd. bought a new position in shares of Cinemark in the 4th quarter worth approximately $1,832,000. AXA lifted its stake in shares of Cinemark by 5.4% in the 3rd quarter. AXA now owns 531,640 shares of the company’s stock worth $19,251,000 after purchasing an additional 27,400 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Cinemark by 57.1% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 49,804 shares of the company’s stock worth $1,710,000 after purchasing an additional 18,100 shares during the period. California Public Employees Retirement System lifted its stake in shares of Cinemark by 0.6% in the 3rd quarter. California Public Employees Retirement System now owns 264,939 shares of the company’s stock worth $9,593,000 after purchasing an additional 1,539 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Cinemark by 235.7% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 38,945 shares of the company’s stock worth $1,410,000 after purchasing an additional 27,343 shares during the period. Hedge funds and other institutional investors 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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