Cinemark Holdings Inc $CNK Position Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Cinemark Holdings Inc by 106.9% in the second quarter, purchasing an additional 1,338,153 shares, bringing its total ownership to approximately |$78 million|.
• Other institutional investors also increased their positions in Cinemark, with Russell Investments Group boosting its stake by 242.9% and several others, such as Twin Tree Management, making substantial additions to their holdings.
• Cinemark recently reported earnings of $0.63 per share, missing estimates by $0.15, while its revenue rose 28.1% year-over-year, indicating robust growth despite missing projections.

Assenagon Asset Management S.A. grew its holdings in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 106.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,589,372 shares of the company's stock after acquiring an additional 1,338,153 shares during the period. Assenagon Asset Management S.A. owned about 2.25% of Cinemark worth $78,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Russell Investments Group Ltd. lifted its stake in shares of Cinemark by 242.9% during the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after buying an additional 2,502 shares in the last quarter. CWM LLC lifted its stake in shares of 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 buying an additional 1,118 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Cinemark during the 4th quarter valued at $221,000. Twin Tree Management LP lifted its stake in shares of Cinemark by 2,790.7% during the 1st quarter. Twin Tree Management LP now owns 8,354 shares of the company's stock valued at $208,000 after buying an additional 8,065 shares in the last quarter. Finally, Aristeia Capital L.L.C. lifted its stake in shares of Cinemark by 47.2% during the 1st quarter. Aristeia Capital L.L.C. now owns 13,801 shares of the company's stock valued at $344,000 after buying an additional 4,428 shares in the last quarter.

Insider Activity

In related news, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction 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 sale, the executive vice president owned 203,768 shares in the company, valued at $5,128,840.56. This represents a 3.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company's stock.

Cinemark Price Performance

Shares of NYSE:CNK traded up $0.81 during midday trading on Tuesday, hitting $28.81. The company's stock had a trading volume of 1,506,618 shares, compared to its average volume of 3,932,447. The business's 50 day simple moving average is $27.08 and its 200 day simple moving average is $28.50. 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 company has a market cap of $3.31 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.97 and a beta of 1.85. Cinemark Holdings Inc has a 12-month low of $23.12 and a 12-month high of $36.28.

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

Cinemark Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company reiterated an "overweight" rating and issued a $33.00 price target (down previously from $36.00) on shares of Cinemark in a research note on Monday, August 4th. 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 note on Friday, July 11th. Wall Street Zen upgraded shares of Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cinemark in a report on Thursday, July 10th. They issued a "buy" rating and a $36.00 target price on the stock. Finally, Roth Capital reduced their target price on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, August 4th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $34.91.

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.