Cinemark Holdings Inc $CNK Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Cinemark stake by 378.4% in the second quarter, holding 117,150 shares valued at approximately $3.7 million. Several other institutional investors also expanded their positions or initiated new ones.
• Cinemark shares rose 2.0% to $37.38, near their 12-month high of $38.98. The company reported quarterly EPS of $1.19 and revenue of $1.09 billion, surpassing analyst expectations, while revenue increased 15.5% year over year.
• The company declared a quarterly dividend of $0.09 per share, representing an annualized dividend of $0.36 and a 1.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $38.00.

Assenagon Asset Management S.A. boosted its holdings in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 378.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 117,150 shares of the company's stock after purchasing an additional 92,661 shares during the period. Assenagon Asset Management S.A. owned approximately 0.10% of Cinemark worth $3,717,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Orbis Allan Gray Ltd increased its position in Cinemark by 31.0% in the 4th quarter. Orbis Allan Gray Ltd now owns 15,057,911 shares of the company's stock valued at $349,946,000 after acquiring an additional 3,563,810 shares during the period. Wellington Management Group LLP lifted its position in Cinemark by 8.4% during the 4th quarter. Wellington Management Group LLP now owns 9,536,900 shares of the company's stock worth $221,638,000 after acquiring an additional 742,307 shares during the period. Lavaca Capital LLC purchased a new position in shares of Cinemark in the 4th quarter valued at approximately $133,045,000. State Street Corp grew its stake in shares of Cinemark by 1.5% in the 4th quarter. State Street Corp now owns 3,950,606 shares of the company's stock valued at $91,812,000 after purchasing an additional 60,176 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Cinemark in the fourth quarter valued at approximately $55,296,000.

Cinemark Trading Up 2.0%

Shares of CNK opened at $37.38 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 3.87. The firm's 50-day moving average is $33.04 and its two-hundred day moving average is $29.30. Cinemark Holdings Inc has a twelve month low of $21.60 and a twelve month high of $38.98. The firm has a market capitalization of $4.33 billion, a P/E ratio of 22.12 and a beta of 1.00.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.16. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.03 billion. Cinemark had a net margin of 6.44% and a return on equity of 50.94%. The company's revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the firm earned $0.63 EPS. On average, research analysts predict that Cinemark Holdings Inc will post 2.34 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $0.36 annualized dividend and a yield of 1.0%. Cinemark's payout ratio is currently 21.30%.

Wall Street Analysts Forecast Growth

CNK has been the topic of several analyst reports. Roth Capital set a $40.00 target price on shares of Cinemark in a report on Thursday, July 30th. Wells Fargo & Company increased their price target on shares of Cinemark from $31.00 to $34.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Moffett Nathanson restated a "buy" rating and issued a $40.00 price objective on shares of Cinemark in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $40.00 price objective on shares of Cinemark in a report on Friday, July 31st. Finally, Morgan Stanley set a $40.00 target price on Cinemark in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $38.00.

Cinemark Profile

Cinemark Holdings, Inc NYSE: CNK is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company's core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark's exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company's product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.

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