BlackRock Inc. Purchases New Shares in Cinemark Holdings Inc $CNK

Key Points

• BlackRock purchased 16.73 million Cinemark shares during the second quarter, investing approximately $530.9 million and acquiring a 14.43% stake in the theater operator.
• Cinemark reported stronger-than-expected quarterly results, with earnings of $1.19 per share and revenue of $1.09 billion, up 15.5% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $37.93, while Cinemark declared a quarterly dividend of $0.09 per share, yielding about 0.9%.

BlackRock Inc. purchased a new position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,730,390 shares of the company's stock, valued at approximately $530,855,000. BlackRock Inc. owned about 14.43% of Cinemark as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CNK. EverSource Wealth Advisors LLC lifted its position in shares of Cinemark by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company's stock worth $28,000 after buying an additional 507 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Cinemark during the fourth quarter valued at approximately $83,000. KBC Group NV increased its position in shares of Cinemark by 56.9% during the first quarter. KBC Group NV now owns 4,334 shares of the company's stock valued at $124,000 after acquiring an additional 1,572 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Cinemark during the fourth quarter worth $102,000. Finally, GAMMA Investing LLC boosted its position in Cinemark by 10.2% in the second quarter. GAMMA Investing LLC now owns 4,982 shares of the company's stock worth $158,000 after purchasing an additional 462 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNK. Wells Fargo & Company lifted their target price on Cinemark from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Barrington Research set a $42.00 price target on shares of Cinemark in a research report on Thursday, July 30th. JPMorgan Chase & Co. downgraded shares of Cinemark from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $40.00 to $39.00 in a report on Friday, August 14th. Benchmark lifted their price objective on shares of Cinemark from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $40.00 target price on shares of Cinemark in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.93.

Cinemark Stock Performance

NYSE:CNK opened at $38.41 on Tuesday. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.81 and a current ratio of 0.84. Cinemark Holdings Inc has a 52-week low of $21.60 and a 52-week high of $38.98. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 22.73 and a beta of 1.00. The business's fifty day moving average is $33.83 and its 200 day moving average is $30.07.

Cinemark (NYSE:CNK - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.19 earnings per share for the quarter, beating 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 analysts' expectations of $1.03 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The company's revenue was up 15.5% on a year-over-year basis. Research analysts predict that Cinemark Holdings Inc will post 2.36 EPS for the current year.

Cinemark Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Wednesday, August 26th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, August 26th. Cinemark's payout ratio is presently 21.30%.

Cinemark Company Profile

Cinemark Holdings, Inc NYSE: CNK is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company's core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark's exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company's product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.

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