Boothbay Fund Management LLC Acquires 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% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 349,055 shares of the company's stock after acquiring an additional 44,354 shares during the period. Boothbay Fund Management LLC owned about 0.30% of Cinemark worth $8,688,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

CNK has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Wedbush upgraded Cinemark from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $32.00 to $37.00 in a research note on Friday, July 11th. B. Riley started coverage on Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 price objective on the stock. Deutsche Bank Aktiengesellschaft began 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, Barrington Research reaffirmed an "outperform" rating and issued a $36.00 price target on shares of Cinemark in a report on Monday, August 4th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.67.

Cinemark Trading Up 5.8%

Shares of NYSE CNK traded up $1.51 during midday trading on Monday, reaching $27.39. 6,512,408 shares of the stock were exchanged, compared to its average volume of 3,938,171. The business has a 50-day simple moving average of $27.55 and a two-hundred day simple moving average of $28.31. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.85 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. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88.

Cinemark (NYSE:CNK - Get Free Report) last posted its earnings results 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). The business had revenue of $940.50 million for the quarter, compared to the consensus estimate of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The business's revenue was up 28.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. As a group, equities research analysts expect that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Announces Dividend

The firm 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 dividend of $0.08 per share. The ex-dividend date is Wednesday, August 27th. This represents a $0.32 annualized dividend and a yield of 1.2%. Cinemark's payout ratio is currently 17.49%.

Insider Activity

In other Cinemark news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 94,890 shares in the company, valued at approximately $3,022,246.50. This represents a 35.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $25.17, for a total value of $181,224.00. Following the transaction, the executive vice president 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 position. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

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.