Allspring Global Investments Holdings LLC Cuts Stake in Cinemark Holdings Inc (NYSE:CNK)

Allspring Global Investments Holdings LLC decreased its position in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 56.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Cinemark in the fourth quarter valued at about $1,494,000. Edgestream Partners L.P. acquired a new position in Cinemark during the fourth quarter worth about $589,000. Amundi acquired a new position in Cinemark during the fourth quarter worth about $5,985,000. AlphaQuest LLC boosted its position in Cinemark by 278.7% during the fourth quarter. AlphaQuest LLC now owns 15,646 shares of the company's stock worth $485,000 after acquiring an additional 11,515 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Cinemark by 23.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,978 shares of the company's stock worth $867,000 after acquiring an additional 5,365 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CNK. Wedbush upgraded shares of Cinemark from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $32.00 to $37.00 in a research report on Friday. Benchmark reiterated a "buy" rating and issued a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their target price on shares of Cinemark from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Barrington Research reiterated an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a report on Monday, May 5th. Finally, Roth Capital reduced their price target on shares of Cinemark from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Cinemark Stock Down 0.2%

Shares of Cinemark stock traded down $0.05 during trading hours on Friday, hitting $29.80. The company had a trading volume of 5,312,571 shares, compared to its average volume of 3,230,632. The company's 50-day moving average is $31.42 and its two-hundred day moving average is $29.24. Cinemark Holdings Inc has a twelve month low of $20.43 and a twelve 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. The company has a market cap of $3.43 billion, a P/E ratio of 19.61, a price-to-earnings-growth ratio of 1.76 and a beta of 1.88.

Cinemark (NYSE:CNK - Get Free Report) last issued its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.32). Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The business had revenue of $540.70 million during the quarter, compared to analysts' expectations of $604.62 million. During the same quarter in the prior year, the business posted $0.19 EPS. The company's revenue for the quarter was down 6.6% on a year-over-year basis. Analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.07%. The ex-dividend date was Thursday, May 29th. Cinemark's payout ratio is 21.05%.

Insider Activity

In related news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction on 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 owned 94,890 shares in the company, valued at $3,022,246.50. This represents a 35.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 owned 210,968 shares of the company's stock, valued at approximately $6,630,724.24. This represents 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 worth $2,724,435. Corporate insiders own 2.10% of the company's stock.

Cinemark 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.