Allspring Global Investments Holdings LLC Sells 49,110 Shares of Cinemark Holdings Inc (NYSE:CNK)

Allspring Global Investments Holdings LLC decreased its holdings in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 56.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,321 shares of the company's stock after selling 49,110 shares during the period. Allspring Global Investments Holdings LLC's holdings in Cinemark were worth $954,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CNK. LPL Financial LLC lifted its position in shares of Cinemark by 6.8% in the fourth quarter. LPL Financial LLC now owns 8,722 shares of the company's stock worth $270,000 after buying an additional 556 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Cinemark by 3.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,270 shares of the company's stock worth $504,000 after buying an additional 591 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Cinemark by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,546 shares of the company's stock worth $358,000 after buying an additional 618 shares in the last quarter. Quarry LP lifted its position in shares of Cinemark by 41.8% in the fourth quarter. Quarry LP now owns 2,114 shares of the company's stock worth $65,000 after buying an additional 623 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of Cinemark by 3.7% in the fourth quarter. Sterling Capital Management LLC now owns 18,339 shares of the company's stock worth $568,000 after buying an additional 652 shares in the last quarter.

Insider Activity

In related news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $31.85, for a total value of $1,672,889.40. Following the transaction, the insider owned 94,890 shares of the company's stock, valued at $3,022,246.50. This represents a 35.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $31.43, for a total value of $226,296.00. Following the completion of the transaction, the executive vice president directly owned 210,968 shares in the company, valued at approximately $6,630,724.24. This trade represents a 3.30% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,724 shares of company stock valued at $2,724,435. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barrington Research reiterated an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a research report on Monday, May 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Cinemark in a research report on Thursday. They issued a "buy" rating and a $36.00 target price on the stock. B. Riley assumed coverage on Cinemark in a research report on Friday, May 16th. They issued a "neutral" rating and a $35.00 target price on the stock. Wedbush reiterated a "neutral" rating and issued a $32.00 target price on shares of Cinemark in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. upped their price objective on Cinemark from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Cinemark currently has an average rating of "Moderate Buy" and a consensus target price of $33.58.

Cinemark Trading Up 3.2%

Shares of CNK traded up $0.93 during mid-day trading on Thursday, reaching $29.74. 1,228,849 shares of the company's stock traded hands, compared to its average volume of 3,207,066. The stock has a market cap of $3.42 billion, a P/E ratio of 19.57, a P/E/G ratio of 1.84 and a beta of 1.88. The stock's 50-day moving average is $31.44 and its two-hundred day moving average is $29.24. Cinemark Holdings Inc has a 12 month low of $20.43 and a 12 month high of $36.28. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.79 and a quick ratio of 0.76.

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 firm had revenue of $540.70 million for the quarter, compared to analysts' expectations of $604.62 million. Cinemark had a return on equity of 51.68% and a net margin of 8.17%. The company's quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. Research 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 announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were paid a dividend of $0.08 per share. The ex-dividend date was Thursday, May 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.08%. Cinemark's dividend payout ratio is 21.05%.

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.