Allianz Asset Management GmbH Buys Shares of 20,400 Cinemark Holdings Inc (NYSE:CNK)

Key Points

• Allianz Asset Management GmbH acquired 20,400 shares of Cinemark Holdings Inc for approximately $508,000 during the first quarter, indicating renewed interest from institutional investors.
• Cinemark's latest earnings report showed earnings per share of $0.63, missing estimates by $0.15, with revenue increasing by 28.1% year-over-year.
• Wall Street analysts have varied ratings for Cinemark, with a consensus target price of $34.00 and a rating of "Moderate Buy," indicating potential growth despite fluctuations in analyst outlooks.

Allianz Asset Management GmbH bought a new stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 20,400 shares of the company's stock, valued at approximately $508,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Jennison Associates LLC purchased a new position in Cinemark during the 1st quarter valued at about $789,000. Tectonic Advisors LLC boosted its holdings in shares of Cinemark by 50.2% in the 1st quarter. Tectonic Advisors LLC now owns 41,645 shares of the company's stock valued at $1,037,000 after buying an additional 13,924 shares in the last quarter. CWM LLC boosted its holdings in shares of Cinemark by 20.6% in the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock valued at $163,000 after buying an additional 1,118 shares in the last quarter. Cerity Partners LLC bought a new stake in shares of Cinemark in the 1st quarter valued at about $2,081,000. Finally, Alps Advisors Inc. bought a new stake in shares of Cinemark in the 1st quarter valued at about $359,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CNK shares. B. Riley started coverage on shares of Cinemark in a report on Friday, May 16th. They issued a "neutral" rating and a $35.00 price target on the stock. Wall Street Zen cut shares of Cinemark from a "hold" rating to a "sell" rating in a report on Saturday. Roth Capital lowered their price target on shares of Cinemark from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Wedbush upgraded shares of Cinemark from a "neutral" rating to an "outperform" rating and raised their price target for the company from $32.00 to $37.00 in a report on Friday, July 11th. Finally, Benchmark reiterated a "buy" rating and issued a $35.00 target price on shares of Cinemark in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

Cinemark Price Performance

NYSE:CNK opened at $25.82 on Friday. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.79 and a quick ratio of 0.76. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 2.20 and a beta of 1.90. The company has a 50 day moving average price of $30.68 and a 200-day moving average price of $29.06. Cinemark Holdings Inc has a 1-year low of $23.12 and a 1-year high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last posted its earnings results on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.15). The firm had revenue of $940.50 million for the quarter, compared to analysts' expectations of $942.14 million. Cinemark had a net margin of 8.17% and a return on equity of 51.68%. Cinemark's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period last year, the firm earned $0.32 earnings per share. Equities research analysts forecast that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 29th. Cinemark's payout ratio is presently 21.05%.

Insider Buying and Selling

In related news, insider Valmir Fernandes sold 25,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $33.01, for a total value of $825,250.00. Following the completion of the sale, the insider owned 130,612 shares of the company's stock, valued at approximately $4,311,502.12. The trade was a 16.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of the business's 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 completion of the sale, the executive vice president directly owned 210,968 shares of the company's stock, valued at approximately $6,630,724.24. The trade was a 3.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,724 shares of company stock valued at $2,724,435. 2.10% of the stock is owned by corporate 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.

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