Cinemark Holdings Inc $CNK Shares Purchased by Covalent Partners LLC

Key Points

• Covalent Partners LLC increased its holdings in Cinemark Holdings Inc by 74.3%, making it the largest position in their portfolio with a total of 122,000 shares valued at approximately $3 million.
• Multiple institutional investors, including Elequin Capital LP and Twin Tree Management LP, have significantly increased their investments in Cinemark, showcasing heightened interest in the company's stock.
• Cinemark reported $0.63 EPS for the last quarter, missing analysts' expectations, and announced a quarterly dividend of $0.08 per share, reflecting a continued commitment to returning value to shareholders.

Covalent Partners LLC grew its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 74.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 122,000 shares of the company's stock after purchasing an additional 52,000 shares during the period. Cinemark accounts for about 15.0% of Covalent Partners LLC's investment portfolio, making the stock its largest position. Covalent Partners LLC owned about 0.11% of Cinemark worth $3,037,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Elequin Capital LP boosted its position in Cinemark by 211.6% during the fourth quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after acquiring an additional 677 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Cinemark by 242.9% during the first quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock worth $88,000 after buying an additional 2,502 shares during the period. CWM LLC boosted its stake in Cinemark by 20.6% in the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock worth $163,000 after buying an additional 1,118 shares during the last quarter. Twin Tree Management LP boosted its stake in Cinemark by 2,790.7% in the 1st quarter. Twin Tree Management LP now owns 8,354 shares of the company's stock worth $208,000 after buying an additional 8,065 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in Cinemark in the 4th quarter valued at about $221,000.

Cinemark Stock Up 5.8%

Cinemark stock traded up $1.51 during midday trading on Monday, hitting $27.39. The stock had a trading volume of 6,512,408 shares, compared to its average volume of 3,938,171. The business has a fifty day moving average price of $27.55 and a 200 day moving average price of $28.31. Cinemark Holdings Inc has a 12 month low of $23.12 and a 12 month high of $36.28. The stock has a market cap of $3.15 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.85 and a beta of 1.85. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly 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). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The firm had revenue of $940.50 million during the quarter, compared to the consensus estimate of $942.14 million. During the same quarter last year, the firm posted $0.32 earnings per share. Cinemark's revenue was up 28.1% compared to the same quarter last year. Research analysts predict that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's dividend payout ratio is currently 17.49%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CNK shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Cinemark in a report on Thursday, July 10th. They set a "buy" rating and a $36.00 price objective on the stock. Benchmark reaffirmed a "buy" rating and set a $35.00 price target on shares of Cinemark in a research report on Wednesday, July 2nd. Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Wells Fargo & Company restated an "overweight" rating and set a $33.00 target price (down previously from $36.00) on shares of Cinemark in a report on Monday, August 4th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $36.00 price target on shares of Cinemark in a research 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.67.

Insider Transactions at Cinemark

In other Cinemark news, insider Wanda Marie Gierhart sold 52,524 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were 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 of the company's stock, valued at $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Melissa Thomas sold 7,200 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $25.17, for a total value of $181,224.00. Following the transaction, the executive vice president directly owned 203,768 shares of the company's stock, valued at $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 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.