Canada Pension Plan Investment Board Has $8.30 Million Stock Position in Cinemark Holdings Inc $CNK

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Cinemark Holdings Inc by 13.7%, selling 52,700 shares and leaving it with a total of 333,300 shares valued at approximately $8.3 million.
• Cinemark is set to pay a quarterly dividend of $0.08 per share on September 10th, representing an annualized yield of 1.3% and a payout ratio of 17.49%.
• Despite recent share sales by insiders including EVP Melissa Thomas and Wanda Marie Gierhart, Wall Street analysts maintain a generally positive outlook with multiple firms issuing "buy" ratings and a target price averaging $33.67.

Canada Pension Plan Investment Board lessened its position in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 13.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 333,300 shares of the company's stock after selling 52,700 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.29% of Cinemark worth $8,296,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CNK. Principal Financial Group Inc. grew its holdings in shares of Cinemark by 2.8% in the first quarter. Principal Financial Group Inc. now owns 681,435 shares of the company's stock worth $16,961,000 after acquiring an additional 18,645 shares during the period. GHP Investment Advisors Inc. lifted its position in shares of Cinemark by 104.8% in the first quarter. GHP Investment Advisors Inc. now owns 28,365 shares of the company's stock worth $706,000 after buying an additional 14,518 shares in the last quarter. GAMMA Investing LLC raised its position in Cinemark by 1,677.9% during the first quarter. GAMMA Investing LLC now owns 52,020 shares of the company's stock valued at $1,295,000 after purchasing an additional 49,094 shares during the period. Cerity Partners LLC bought a new position in shares of Cinemark during the first quarter valued at approximately $2,081,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cinemark by 7.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the company's stock worth $751,000 after purchasing an additional 2,199 shares in the last quarter.

Analyst Ratings Changes

Several brokerages have recently commented on CNK. B. Riley assumed coverage on Cinemark in a report on Friday, May 16th. They set a "neutral" rating and a $35.00 price objective for the company. Wells Fargo & Company reaffirmed an "overweight" rating and set a $33.00 price target (down previously from $36.00) on shares of Cinemark in a research report on Monday, August 4th. Roth Capital dropped their price target on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Wedbush upgraded shares of 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. Finally, Barrington Research reissued an "outperform" rating and set 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $33.67.

Insiders Place Their Bets

In other Cinemark news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were 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 $3,022,246.50. This represents a 35.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $25.17, for a total transaction of $181,224.00. Following 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 disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

Cinemark Trading Up 3.7%

NYSE CNK traded up $0.96 on Monday, hitting $26.84. 945,051 shares of the stock were exchanged, compared to its average volume of 3,902,436. The company's 50-day moving average price is $27.55 and its two-hundred day moving average price is $28.31. 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 Holdings Inc has a 52-week low of $23.12 and a 52-week high of $36.28. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 14.71, a P/E/G ratio of 1.85 and a beta of 1.85.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.15). The business had revenue of $940.50 million during the quarter, compared to analyst estimates of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 earnings per share. Research analysts predict 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 will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, August 27th. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. Cinemark's payout ratio is 17.49%.

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.