AQR Capital Management LLC Increases Position in Cinemark Holdings Inc $CNK

Key Points

• AQR Capital Management LLC increased its stake in Cinemark Holdings Inc by 13.5%, owning 497,812 shares worth over $12 million as of the latest SEC filing.
• Cinemark reported a Q2 earnings per share (EPS) of $0.63, which was below analysts' expectations, with revenues of $940.5 million, demonstrating a 28.1% year-over-year increase.
• The company declared a quarterly dividend of $0.08 per share, which represents an annualized yield of 1.2%.

AQR Capital Management LLC increased its holdings in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 13.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 497,812 shares of the company's stock after purchasing an additional 59,358 shares during the quarter. AQR Capital Management LLC owned 0.43% of Cinemark worth $12,077,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CNK. Nuveen LLC purchased a new position in shares of Cinemark in the first quarter valued at about $32,297,000. Simcoe Capital Management LLC purchased a new position in shares of Cinemark in the fourth quarter valued at about $37,763,000. Wellington Management Group LLP increased its position in shares of Cinemark by 12.9% in the first quarter. Wellington Management Group LLP now owns 9,346,856 shares of the company's stock valued at $232,643,000 after acquiring an additional 1,066,225 shares during the period. Man Group plc bought a new stake in shares of Cinemark during the 4th quarter valued at about $28,040,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Cinemark by 215.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,251,219 shares of the company's stock valued at $31,143,000 after purchasing an additional 854,540 shares in the last quarter.

Cinemark Stock Performance

Shares of CNK traded up $0.09 during mid-day trading on Friday, hitting $28.26. 2,785,344 shares of the company traded hands, compared to its average volume of 3,752,244. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.88 and a current ratio of 0.91. The stock has a 50-day moving average price of $27.27 and a two-hundred day moving average price of $28.33. Cinemark Holdings Inc has a 1 year low of $23.12 and a 1 year high of $36.28. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 2.01 and a beta of 1.85.

Cinemark (NYSE:CNK - Get Free Report) last released its quarterly earnings data 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). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company had revenue of $940.50 million for the quarter, compared to analysts' expectations of $942.14 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The firm's revenue for the quarter was up 28.1% on a year-over-year basis. Equities analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 27th. Cinemark's payout ratio is presently 17.49%.

Insider Buying and Selling at Cinemark

In other news, EVP Melissa Thomas sold 7,200 shares of the business's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $25.17, for a total transaction of $181,224.00. Following the completion of the transaction, the executive vice president directly owned 203,768 shares of the company's stock, valued at $5,128,840.56. The trade was a 3.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Benchmark reaffirmed a "buy" rating and set a $35.00 target price on shares of Cinemark in a research note on Wednesday, July 2nd. Wells Fargo & Company reaffirmed an "overweight" rating and set a $33.00 target price (down previously from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Roth Capital cut their target price on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday, August 4th. Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Barrington Research reissued an "outperform" rating and set a $36.00 price objective on shares of Cinemark in a research note on Monday, August 4th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $33.67.

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.