Bank of America Corp DE Acquires New Stake in Cinemark Holdings Inc $CNK

Key Points

• Bank of America acquired 740,556 Cinemark shares worth approximately $23.5 million, giving it a roughly 0.64% stake in the theater operator.
• Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds; Cinemark has a “Moderate Buy” consensus rating and an average price target of $37.93.
• Cinemark reported stronger-than-expected quarterly results, with $1.19 earnings per share and $1.09 billion in revenue, while continuing to pay a quarterly dividend of $0.09 per share.

Bank of America Corp DE acquired a new stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 740,556 shares of the company's stock, valued at approximately $23,498,000. Bank of America Corp DE owned approximately 0.64% of Cinemark as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Cinemark by 10.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,982 shares of the company's stock valued at $158,000 after purchasing an additional 462 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Cinemark by 0.5% in the 1st quarter. Gabelli Funds LLC now owns 101,866 shares of the company's stock valued at $2,905,000 after purchasing an additional 490 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Cinemark by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 20,176 shares of the company's stock valued at $469,000 after purchasing an additional 619 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Cinemark by 14.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,613 shares of the company's stock valued at $217,000 after purchasing an additional 951 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Cinemark by 12.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,721 shares of the company's stock valued at $277,000 after buying an additional 1,041 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CNK shares. Wall Street Zen cut shares of Cinemark from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. Moffett Nathanson reissued a "buy" rating and issued a $40.00 target price on shares of Cinemark in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $40.00 target price on shares of Cinemark in a research note on Friday, July 31st. Roth Capital set a $40.00 price target on shares of Cinemark in a research report on Thursday, July 30th. Finally, Zacks Research downgraded Cinemark from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Cinemark has an average rating of "Moderate Buy" and an average price target of $37.93.

Cinemark Trading Down 0.3%

NYSE:CNK opened at $35.77 on Thursday. The firm has a market capitalization of $4.15 billion, a P/E ratio of 21.16 and a beta of 0.98. The business has a 50 day simple moving average of $35.51 and a 200 day simple moving average of $31.47. The company has a debt-to-equity ratio of 3.87, a current ratio of 0.84 and a quick ratio of 0.81. Cinemark Holdings Inc has a 12-month low of $21.60 and a 12-month high of $38.98.

Cinemark (NYSE:CNK - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.16. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the company earned $0.63 earnings per share. The firm's revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts predict that Cinemark Holdings Inc will post 2.41 EPS for the current year.

Cinemark Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Wednesday, August 26th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 26th. Cinemark's payout ratio is presently 21.30%.

Cinemark Profile

Cinemark Holdings, Inc is a motion picture exhibition company that operates movie theaters in the United States and Latin America. Through its Cinemark and Century-branded locations, the company offers theatrical screenings of newly released films across a range of formats and venue types.

In addition to movie tickets, Cinemark generates revenue through food and beverage concessions, advertising, and premium entertainment experiences. Its offerings include luxury seating, large-format screens, and enhanced audio and visual presentations, along with online and mobile ticketing and the Movie Club customer loyalty program.

Founded in 1987 by Lee Roy Mitchell, Cinemark is headquartered in Plano, Texas.

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