Cinemark (NYSE:CNK) Stock Price Down 3% - Here's What Happened

Cinemark Holdings, Inc. (NYSE:CNK - Get Free Report)'s share price traded down 3% during trading on Monday . The stock traded as low as $31.43 and last traded at $31.18. 268,477 shares traded hands during trading, a decline of 91% from the average session volume of 3,070,982 shares. The stock had previously closed at $32.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CNK shares. Barrington Research reaffirmed an "outperform" rating and set a $36.00 target price on shares of Cinemark in a research report on Monday, May 5th. Macquarie restated an "outperform" rating and set a $35.00 price objective on shares of Cinemark in a report on Thursday, February 20th. Benchmark lowered their price objective on shares of Cinemark from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Morgan Stanley reduced their target price on shares of Cinemark from $40.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, February 20th. Finally, Wedbush reaffirmed a "neutral" rating and issued a $32.00 price target on shares of Cinemark in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cinemark presently has an average rating of "Moderate Buy" and an average price target of $33.20.

Cinemark Stock Up 1.5%

The company has a debt-to-equity ratio of 3.28, a current ratio of 1.01 and a quick ratio of 0.96. The company has a 50 day moving average price of $30.66 and a 200-day moving average price of $29.48. The stock has a market capitalization of $3.73 billion, a PE ratio of 15.97 and a beta of 1.93.

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

Cinemark Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Thursday, May 29th. Cinemark's payout ratio is currently 21.05%.

Insiders Place Their Bets

In related news, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $31.43, for a total transaction of $226,296.00. Following the sale, the executive vice president now owns 210,968 shares in the company, valued at approximately $6,630,724.24. This represents a 3.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Valmir Fernandes sold 25,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total transaction of $825,250.00. Following the completion of the transaction, the insider now owns 130,612 shares in the company, valued at $4,311,502.12. This represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,724 shares of company stock worth $2,724,435 over the last quarter. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its holdings in Cinemark by 1,507.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 87,431 shares of the company's stock valued at $2,709,000 after acquiring an additional 81,992 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Cinemark by 5.2% in the 4th quarter. Principal Financial Group Inc. now owns 662,790 shares of the company's stock valued at $20,533,000 after purchasing an additional 33,008 shares during the last quarter. Pinnbrook Capital Management LP purchased a new position in Cinemark during the 4th quarter worth $4,937,000. New York State Common Retirement Fund increased its holdings in shares of Cinemark by 4.4% in the fourth quarter. New York State Common Retirement Fund now owns 35,628 shares of the company's stock valued at $1,104,000 after purchasing an additional 1,501 shares during the period. Finally, Ieq Capital LLC acquired a new stake in Cinemark in the fourth quarter valued at about $874,000.

Cinemark Company 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.