926,170 Shares in Cinemark Holdings Inc $CNK Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 926,170 Cinemark shares worth approximately $29.4 million, representing a 0.8% stake. Several other institutional investors also increased or initiated positions.
• Cinemark reported stronger-than-expected quarterly results, with EPS of $1.19 and revenue of $1.09 billion, up 15.5% year over year. Analysts expect full-year EPS of $2.36.
• The company declared a quarterly dividend of $0.09 per share, equal to an annualized $0.36 and a 1.0% yield. Wall Street maintains a “Moderate Buy” consensus with a $37.93 average price target.

Bank of New York Mellon Corp bought a new stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 926,170 shares of the company's stock, valued at approximately $29,387,000. Bank of New York Mellon Corp owned 0.80% of Cinemark at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its holdings in Cinemark by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company's stock valued at $28,000 after buying an additional 507 shares in the last quarter. Leonteq Securities AG purchased a new stake in Cinemark in the 4th quarter worth approximately $83,000. Kestra Advisory Services LLC purchased a new stake in Cinemark in the 4th quarter worth approximately $102,000. KBC Group NV grew its position in shares of Cinemark by 56.9% during the 1st quarter. KBC Group NV now owns 4,334 shares of the company's stock valued at $124,000 after purchasing an additional 1,572 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Cinemark by 10.2% in the second quarter. GAMMA Investing LLC now owns 4,982 shares of the company's stock worth $158,000 after purchasing an additional 462 shares during the period.

Cinemark Stock Down 1.5%

Shares of NYSE CNK opened at $36.04 on Friday. The firm has a fifty day simple moving average of $34.10 and a two-hundred day simple moving average of $30.35. Cinemark Holdings Inc has a 12 month low of $21.60 and a 12 month high of $38.98. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 3.87. The firm has a market capitalization of $4.18 billion, a PE ratio of 21.33 and a beta of 1.00.

Cinemark (NYSE:CNK - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.16. Cinemark had a net margin of 6.44% and a return on equity of 50.94%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted $0.63 EPS. The company's revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts expect that Cinemark Holdings Inc will post 2.36 earnings per share for the current year.

Cinemark Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Wednesday, August 26th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. Cinemark's dividend payout ratio is currently 21.30%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CNK shares. Barrington Research set a $42.00 price objective on Cinemark in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $40.00 price objective on shares of Cinemark in a report on Friday, July 31st. Wedbush upped their price objective on Cinemark from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Wall Street Zen lowered Cinemark from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Weiss Ratings raised shares of Cinemark from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.93.

About Cinemark

Cinemark Holdings, Inc NYSE: CNK is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company's core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark's exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company's product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.

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