Cinemark Holdings Inc $CNK Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its stake in Cinemark by 90.3% in Q3, selling 2,585,088 shares and retaining 279,184 shares (about 0.24% of the company, valued at $7.82M).
• Other institutions moved in the opposite direction — notably Marshall Wace increased its position by 758.9% to 4,497,305 shares, and Squarepoint, Qube, Cartenna and Jain Global also materially raised their holdings, indicating mixed institutional flows.
• Cinemark missed quarterly EPS estimates ($0.16 vs. $0.24 expected) with revenue down 4.7% year-over-year, and the company pays a quarterly dividend of $0.09 (annual $0.36, ~1.3% yield).

JPMorgan Chase & Co. lessened its holdings in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 90.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 279,184 shares of the company's stock after selling 2,585,088 shares during the quarter. JPMorgan Chase & Co. owned 0.24% of Cinemark worth $7,823,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CNK. Marshall Wace LLP raised its position in shares of Cinemark by 758.9% in the 2nd quarter. Marshall Wace LLP now owns 4,497,305 shares of the company's stock valued at $135,729,000 after purchasing an additional 3,973,689 shares during the last quarter. Squarepoint Ops LLC increased its stake in Cinemark by 119.9% during the 2nd quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company's stock valued at $65,808,000 after purchasing an additional 1,188,709 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in Cinemark by 2.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,069,188 shares of the company's stock valued at $57,979,000 after purchasing an additional 56,275 shares in the last quarter. Cartenna Capital LP raised its holdings in shares of Cinemark by 29.4% in the third quarter. Cartenna Capital LP now owns 1,650,000 shares of the company's stock worth $46,233,000 after buying an additional 375,000 shares during the last quarter. Finally, Jain Global LLC raised its holdings in shares of Cinemark by 37.4% in the third quarter. Jain Global LLC now owns 1,644,623 shares of the company's stock worth $46,082,000 after buying an additional 447,468 shares during the last quarter.

Cinemark Stock Down 0.8%

CNK stock opened at $27.85 on Tuesday. The company has a market capitalization of $3.22 billion, a P/E ratio of 32.01 and a beta of 1.08. Cinemark Holdings Inc has a 12 month low of $21.60 and a 12 month high of $34.01. The firm's fifty day simple moving average is $26.05 and its 200-day simple moving average is $26.10. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.71 and a quick ratio of 0.67.

Cinemark (NYSE:CNK - Get Free Report) last issued its earnings results on Wednesday, February 18th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.08). Cinemark had a return on equity of 34.11% and a net margin of 4.44%.The business had revenue of $776.30 million for the quarter, compared to analysts' expectations of $778.41 million. During the same period last year, the business earned $0.33 EPS. The company's revenue for the quarter was down 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 17th. Shareholders of record on Tuesday, March 3rd were paid a dividend of $0.09 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.3%. Cinemark's dividend payout ratio (DPR) is presently 41.38%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CNK shares. Barrington Research reissued an "outperform" rating and set a $32.00 price objective on shares of Cinemark in a report on Thursday, February 19th. JPMorgan Chase & Co. reduced their target price on Cinemark from $37.00 to $31.00 and set an "overweight" rating for the company in a research note on Thursday, January 22nd. Wells Fargo & Company lowered their price target on Cinemark from $33.00 to $32.00 and set an "overweight" rating for the company in a research report on Wednesday, January 14th. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a research note on Saturday, February 21st. Finally, Roth Mkm reissued a "buy" rating and issued a $36.00 price objective on shares of Cinemark in a report on Thursday, February 19th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.08.

Insider Activity

In other news, EVP Melissa Thomas sold 7,944 shares of the business's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $26.05, for a total value of $206,941.20. Following the completion of the transaction, the executive vice president owned 159,416 shares of the company's stock, valued at $4,152,786.80. The trade was a 4.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

About Cinemark

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.