Northern Trust Corp Cuts Stock Position in Cinemark Holdings Inc $CNK

Key Points

• Northern Trust Corp reduced its stake in Cinemark Holdings Inc by 1.6% during Q1, holding approximately 1.09% of the company valued at $31.17 million after selling 20,112 shares.
• Recent upgrades from analysts include a boost from Wedbush to an "outperform" rating with a price target increase to $37.00, while MarketBeat indicates a consensus rating of "Moderate Buy" with an average price target of $33.67.
• Cinemark announced a quarterly dividend of $0.08 per share, reflecting a yield of 1.2%, with an annualized payout ratio currently at 17.49%.

Northern Trust Corp trimmed its position in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,252,200 shares of the company's stock after selling 20,112 shares during the period. Northern Trust Corp owned about 1.09% of Cinemark worth $31,167,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CNK. Algert Global LLC purchased a new position in shares of Cinemark in the first quarter valued at approximately $1,034,000. Fox Run Management L.L.C. purchased a new position in Cinemark in the 1st quarter valued at $1,187,000. Russell Investments Group Ltd. lifted its holdings in Cinemark by 242.9% in the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after purchasing an additional 2,502 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Cinemark by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 338,623 shares of the company's stock worth $8,428,000 after purchasing an additional 72,564 shares during the last quarter. Finally, Independent Advisor Alliance purchased a new stake in shares of Cinemark during the first quarter worth $1,532,000.

Cinemark Trading Down 0.9%

Shares of NYSE CNK traded down $0.22 during midday trading on Thursday, reaching $25.17. 204,862 shares of the stock were exchanged, compared to its average volume of 3,906,738. The stock has a market capitalization of $2.90 billion, a P/E ratio of 13.80, a PEG ratio of 1.85 and a beta of 1.85. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.88 and a current ratio of 0.91. The company has a 50 day simple moving average of $27.73 and a 200 day simple moving average of $28.41. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.15). The business had revenue of $940.50 million during the quarter, compared to analysts' expectations of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The company's revenue was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, equities analysts expect that Cinemark Holdings Inc will post 1.93 earnings per share 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 1.3%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's dividend payout ratio (DPR) is presently 17.49%.

Insider Transactions at Cinemark

In other news, 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 in the company, valued at approximately $5,128,840.56. This represents a 3.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $1,672,889.40. Following the transaction, the insider directly owned 94,890 shares of the company's stock, valued at $3,022,246.50. The trade was a 35.63% decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. B. Riley began coverage on shares of Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 price target on the stock. Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Deutsche Bank Aktiengesellschaft initiated coverage on Cinemark in a report on Thursday, July 10th. They set a "buy" rating and a $36.00 target price on the stock. Wedbush raised Cinemark from a "neutral" rating to an "outperform" rating and increased their price target for the company from $32.00 to $37.00 in a report on Friday, July 11th. Finally, Roth Capital lowered their price objective on Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday, August 4th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.67.

About Cinemark

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.