Charles Schwab Investment Management Inc. Sells 95,775 Shares of Cinemark Holdings Inc $CNK

Key Points

• Charles Schwab Investment Management Inc. has reduced its holdings in Cinemark Holdings Inc by 6.7%, now owning 1,334,797 shares worth approximately $33.2 million after selling 95,775 shares in the first quarter.
• Several other investors have recently increased their stakes in Cinemark, with Canada Pension Plan Investment Board boosting its holdings by 187% and Russell Investments increasing its stake by 402.4% during the fourth quarter.
• Analysts have a generally positive outlook on Cinemark, with an average target price of $33.67 and most ratings indicating a "buy" or "hold" scenario among the majority.

Charles Schwab Investment Management Inc. reduced its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 6.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,334,797 shares of the company's stock after selling 95,775 shares during the period. Charles Schwab Investment Management Inc. owned about 1.13% of Cinemark worth $33,223,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. LPL Financial LLC boosted its position in shares of Cinemark by 6.8% during the fourth quarter. LPL Financial LLC now owns 8,722 shares of the company's stock worth $270,000 after buying an additional 556 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of Cinemark by 3.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,270 shares of the company's stock worth $504,000 after buying an additional 591 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of Cinemark by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,546 shares of the company's stock worth $358,000 after buying an additional 618 shares during the period. Quarry LP boosted its position in shares of Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company's stock worth $65,000 after buying an additional 623 shares during the period. Finally, Elequin Capital LP boosted its position in shares of Cinemark by 211.6% during the fourth quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after buying an additional 677 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CNK shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $33.00 price objective (down from $36.00) on shares of Cinemark in a research report on Monday, August 4th. Wedbush raised Cinemark from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $32.00 to $37.00 in a research report on Friday, July 11th. Roth Capital reduced their price target on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Monday, August 4th. B. Riley began coverage on Cinemark in a research report on Friday, May 16th. They set a "neutral" rating and a $35.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on Cinemark from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Cinemark presently has an average rating of "Moderate Buy" and an average target price of $33.67.

Cinemark Stock Performance

Shares of NYSE CNK traded up $0.3560 during trading hours on Friday, reaching $26.5360. 2,916,755 shares of the stock were exchanged, compared to its average volume of 4,728,293. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 1.90 and a beta of 1.90. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.88 and a current ratio of 0.91. Cinemark Holdings Inc has a 52 week low of $23.12 and a 52 week high of $36.28. The stock's fifty day simple moving average is $28.68 and its 200 day simple moving average is $28.71.

Cinemark (NYSE:CNK - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). The firm 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%.Cinemark's revenue for the quarter was up 28.1% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. Sell-side analysts predict that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th will be paid a dividend of $0.08 per share. The ex-dividend date is Wednesday, August 27th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. Cinemark's dividend payout ratio (DPR) is 17.49%.

Insider Transactions at Cinemark

In other news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total transaction of $825,250.00. Following the transaction, the insider owned 130,612 shares in the company, valued at approximately $4,311,502.12. This trade represents a 16.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $31.85, for a total value 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,724 shares of company stock worth $2,679,363. Company insiders own 2.10% of the company's stock.

Cinemark Company 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.