Covalent Partners LLC Sells 15,000 Shares of Cinemark Holdings, Inc. (NYSE:CNK)

Covalent Partners LLC decreased its stake in Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 17.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 70,000 shares of the company's stock after selling 15,000 shares during the quarter. Cinemark accounts for about 7.9% of Covalent Partners LLC's investment portfolio, making the stock its 3rd largest holding. Covalent Partners LLC owned 0.06% of Cinemark worth $2,169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CNK. Franklin Resources Inc. raised its stake in Cinemark by 6.8% during the 3rd quarter. Franklin Resources Inc. now owns 56,757 shares of the company's stock valued at $1,651,000 after purchasing an additional 3,632 shares during the period. Principal Financial Group Inc. lifted its stake in Cinemark by 18.8% in the 3rd quarter. Principal Financial Group Inc. now owns 629,782 shares of the company's stock worth $17,533,000 after acquiring an additional 99,843 shares in the last quarter. GAMMA Investing LLC lifted its stake in Cinemark by 44.9% in the 4th quarter. GAMMA Investing LLC now owns 2,926 shares of the company's stock worth $91,000 after acquiring an additional 906 shares in the last quarter. Ritholtz Wealth Management grew its stake in Cinemark by 104.5% during the 4th quarter. Ritholtz Wealth Management now owns 35,953 shares of the company's stock valued at $1,114,000 after acquiring an additional 18,371 shares in the last quarter. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Cinemark in the 4th quarter valued at about $4,725,000.

Cinemark Stock Performance

CNK stock traded up $0.24 during midday trading on Friday, hitting $31.25. 2,176,305 shares of the company traded hands, compared to its average volume of 3,017,231. Cinemark Holdings, Inc. has a twelve month low of $16.32 and a twelve month high of $36.28. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 15.39 and a beta of 1.91. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 3.28. The business has a 50 day simple moving average of $26.96 and a 200-day simple moving average of $29.40.

Cinemark (NYSE:CNK - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.32). The business had revenue of $540.70 million for the quarter, compared to analyst estimates of $604.62 million. Cinemark had a net margin of 10.16% and a return on equity of 65.83%. Cinemark's revenue was down 6.6% compared to the same quarter last year. During the same period last year, the business posted $0.19 EPS. As a group, equities research analysts predict that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The firm also recently declared a -- dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. Cinemark's dividend payout ratio is currently 21.05%.

Insider Transactions at Cinemark

In related news, insider Wanda Marie Gierhart sold 9,119 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $27.00, for a total value of $246,213.00. Following the completion of the sale, the insider now owns 147,414 shares in the company, valued at approximately $3,980,178. This trade represents a 5.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on CNK. Wells Fargo & Company lowered their price objective on shares of Cinemark from $38.00 to $36.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 29th. Wedbush restated a "neutral" rating and set a $32.00 price target on shares of Cinemark in a report on Monday, April 28th. Benchmark cut their price objective on Cinemark from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Macquarie restated an "outperform" rating and issued a $35.00 target price on shares of Cinemark in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised their price target on Cinemark from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.80.

Cinemark Profile

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.