Cinemark Holdings Inc $CNK Position Lifted by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC significantly increased its stake in Cinemark Holdings Inc by 132.7%, owning approximately 89,160 shares valued at $2.69 million as of the end of the second quarter.
• Cinemark's recent earnings report revealed $0.63 earnings per share, falling short of analysts' expectations of $0.78, despite a year-over-year revenue increase of 28.1%.
• The company announced a quarterly dividend of $0.08 per share, yielding 1.2%, with a payout ratio of 17.49%.

Allspring Global Investments Holdings LLC raised its stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 132.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,160 shares of the company's stock after acquiring an additional 50,839 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Cinemark worth $2,691,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. CWM LLC boosted its stake in Cinemark by 29.2% during the 2nd quarter. CWM LLC now owns 8,458 shares of the company's stock valued at $255,000 after acquiring an additional 1,910 shares during the last quarter. KLP Kapitalforvaltning AS raised its holdings in shares of Cinemark by 11.4% during the second quarter. KLP Kapitalforvaltning AS now owns 34,200 shares of the company's stock worth $1,032,000 after purchasing an additional 3,500 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Cinemark by 3.2% during the second quarter. QRG Capital Management Inc. now owns 16,894 shares of the company's stock worth $510,000 after purchasing an additional 521 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Cinemark by 1.5% during the second quarter. State of Alaska Department of Revenue now owns 60,062 shares of the company's stock worth $1,812,000 after purchasing an additional 892 shares during the period. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of Cinemark during the second quarter worth $247,000.

Insider Transactions at Cinemark

In related news, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $25.17, for a total value of $181,224.00. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Cinemark Stock Performance

Shares of CNK opened at $27.24 on Wednesday. The firm has a 50-day moving average price of $26.89 and a 200 day moving average price of $28.80. The firm has a market capitalization of $3.13 billion, a PE ratio of 14.89, a P/E/G ratio of 1.91 and a beta of 1.75. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 4.32. Cinemark Holdings Inc has a 52-week low of $23.12 and a 52-week high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). The company had revenue of $940.50 million during the quarter, compared to the consensus estimate of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The business's quarterly revenue was up 28.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. On average, sell-side analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have weighed in on CNK. Barrington Research reissued an "outperform" rating and set a $36.00 target price on shares of Cinemark in a report on Tuesday, September 23rd. Roth Capital dropped their target price 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. Weiss Ratings reissued a "hold (c+)" rating on shares of Cinemark in a report on Wednesday, October 8th. Benchmark reissued a "buy" rating and set a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. Finally, Zacks Research raised shares of Cinemark from a "strong sell" rating to a "hold" rating in a report on Friday, October 3rd. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $35.30.

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.

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