Boothbay Fund Management LLC Buys 44,354 Shares of Cinemark Holdings Inc $CNK

Key Points

• Boothbay Fund Management LLC increased its stake in Cinemark Holdings Inc by 14.6%, owning 349,055 shares worth approximately $8.7 million as of the latest SEC filing.
• Cinemark reported $0.63 earnings per share for the last quarter, which was below the consensus estimate of $0.78, despite a 28.1% year-over-year revenue increase to $940.50 million.
• The company declared a quarterly dividend of $0.08 per share, with an annualized yield of 1.3%, to be paid to investors of record by September 10th.

Boothbay Fund Management LLC increased its holdings in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 14.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 349,055 shares of the company's stock after purchasing an additional 44,354 shares during the period. Boothbay Fund Management LLC owned approximately 0.30% of Cinemark worth $8,688,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Elequin Capital LP grew its stake in shares of Cinemark by 211.6% in the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after buying an additional 677 shares in the last quarter. Russell Investments Group Ltd. grew its position in Cinemark by 242.9% in the first quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock worth $88,000 after acquiring an additional 2,502 shares in the last quarter. CWM LLC increased its stake in Cinemark by 20.6% during the first quarter. CWM LLC now owns 6,548 shares of the company's stock worth $163,000 after acquiring an additional 1,118 shares during the last quarter. Twin Tree Management LP raised its position in Cinemark by 2,790.7% during the first quarter. Twin Tree Management LP now owns 8,354 shares of the company's stock valued at $208,000 after purchasing an additional 8,065 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in shares of Cinemark in the 4th quarter valued at approximately $221,000.

Cinemark Trading Down 1.7%

Cinemark stock traded down $0.46 during trading hours on Tuesday, hitting $27.01. The company had a trading volume of 1,102,956 shares, compared to its average volume of 3,921,182. 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 firm has a market cap of $3.11 billion, a P/E ratio of 14.78, a P/E/G ratio of 1.85 and a beta of 1.85. The company has a 50-day moving average price of $27.50 and a two-hundred day moving average price of $28.31. Cinemark Holdings Inc has a 1 year low of $23.12 and a 1 year 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 company had revenue of $940.50 million for the quarter, compared to analysts' expectations of $942.14 million. During the same period last year, the business posted $0.32 earnings per share. The business's revenue was up 28.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 27th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, August 27th. Cinemark's dividend payout ratio is currently 17.49%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CNK shares. Wedbush upgraded Cinemark from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $32.00 to $37.00 in a research report on Friday, July 11th. Benchmark reissued a "buy" rating and issued 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 price target (down from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Roth Capital cut their price target 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. Finally, B. Riley initiated coverage on shares of Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.67.

Insiders Place Their Bets

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the transaction, the insider owned 94,890 shares in the company, valued at approximately $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Melissa Thomas sold 7,200 shares of the company's stock in a transaction dated Friday, August 15th. The stock was 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 directly owned 203,768 shares of the company's stock, valued at approximately $5,128,840.56. This trade represents a 3.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

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.