Algert Global LLC Makes New Investment in Cinemark Holdings Inc $CNK

Key Points

• Algert Global LLC has purchased a new stake in Cinemark Holdings Inc amounting to $1.03 million, acquiring 41,530 shares during the first quarter.
• Several hedge funds have increased their positions in Cinemark, with Candlestick Capital Management LP raising its stake by 48.1% in the fourth quarter.
• Cinemark announced a quarterly dividend of $0.08 per share, which will be paid on September 10th, representing an annualized yield of 1.2%.

Algert Global LLC purchased a new position in Cinemark Holdings Inc (NYSE:CNK - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,530 shares of the company's stock, valued at approximately $1,034,000.

A number of other hedge funds also recently made changes to their positions in the company. Elequin Capital LP raised its holdings in shares of Cinemark by 211.6% during the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after acquiring an additional 677 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Cinemark by 402.4% during the 4th quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company's stock valued at $32,000 after buying an additional 825 shares in the last quarter. Quarry LP raised its stake in shares of Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company's stock valued at $65,000 after acquiring an additional 623 shares in the last quarter. CWM LLC raised its position in Cinemark by 20.6% during the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock valued at $163,000 after purchasing an additional 1,118 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Cinemark in the fourth quarter valued at about $221,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CNK. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Benchmark reissued a "buy" rating and set a $35.00 target price on shares of Cinemark in a research report on Wednesday, July 2nd. Roth Capital cut their price objective on Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, August 4th. Barrington Research restated an "outperform" rating and set a $36.00 target price on shares of Cinemark in a research report on Monday, August 4th. Finally, Wedbush upgraded Cinemark from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $32.00 to $37.00 in a research report on Friday, July 11th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.67.

Cinemark Price Performance

CNK stock traded down $0.15 during mid-day trading on Thursday, reaching $25.78. The company's stock had a trading volume of 409,886 shares, compared to its average volume of 3,897,085. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The company's 50 day moving average is $28.30 and its two-hundred day moving average is $28.62. Cinemark Holdings Inc has a fifty-two week low of $23.12 and a fifty-two week high of $36.28. The stock has a market cap of $2.97 billion, a PE ratio of 14.06, a P/E/G ratio of 1.85 and a beta of 1.90.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company had revenue of $940.50 million during the quarter, compared to analysts' expectations of $942.14 million. During the same quarter last year, the company earned $0.32 earnings per share. Cinemark's revenue for the quarter was up 28.1% on a year-over-year basis. Equities research analysts expect that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 27th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, August 27th. Cinemark's dividend payout ratio is presently 17.49%.

Insiders Place Their Bets

In other news, EVP Melissa Thomas sold 7,200 shares of Cinemark stock in a transaction on Friday, August 15th. The stock was sold at an average price of $25.17, for a total transaction of $181,224.00. Following the transaction, the executive vice president owned 203,768 shares in the company, valued at $5,128,840.56. The trade was a 3.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wanda Marie Gierhart sold 52,524 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the completion of the sale, the insider directly owned 94,890 shares of the company's stock, valued at $3,022,246.50. This represents a 35.63% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

About Cinemark

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.