Park West Asset Management LLC Has $27.50 Million Position in Cinemark Holdings Inc $CNK

Key Points

• Park West Asset Management LLC reduced its stake in Cinemark Holdings Inc by 1.3%, now owning approximately 1.1 million shares worth about $27.5 million.
• Insider Wanda Marie Gierhart sold 52,524 shares at an average price of $31.85, decreasing her position by 35.63% to around 94,890 shares valued at over $3 million.
• Cinemark announced a quarterly dividend of $0.08 per share, with a payout ratio of 17.49%, scheduled to be paid on September 10th.

Park West Asset Management LLC decreased its position in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,104,682 shares of the company's stock after selling 14,742 shares during the quarter. Cinemark accounts for approximately 2.2% of Park West Asset Management LLC's holdings, making the stock its 19th biggest holding. Park West Asset Management LLC owned approximately 0.96% of Cinemark worth $27,496,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in Cinemark by 2.8% in the first quarter. Principal Financial Group Inc. now owns 681,435 shares of the company's stock worth $16,961,000 after purchasing an additional 18,645 shares in the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of Cinemark by 104.8% in the first quarter. GHP Investment Advisors Inc. now owns 28,365 shares of the company's stock valued at $706,000 after buying an additional 14,518 shares during the last quarter. GAMMA Investing LLC lifted its position in Cinemark by 1,677.9% during the 1st quarter. GAMMA Investing LLC now owns 52,020 shares of the company's stock worth $1,295,000 after buying an additional 49,094 shares in the last quarter. Dark Forest Capital Management LP increased its position in Cinemark by 2,933.6% in the 1st quarter. Dark Forest Capital Management LP now owns 240,749 shares of the company's stock valued at $5,992,000 after acquiring an additional 232,813 shares in the last quarter. Finally, Cerity Partners LLC acquired a new stake in Cinemark in the 1st quarter valued at about $2,081,000.

Insider Buying and Selling at Cinemark

In other Cinemark news, insider Wanda Marie Gierhart sold 52,524 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the sale, the insider directly owned 94,890 shares of the company's stock, valued at approximately $3,022,246.50. This represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of the business's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $25.17, for a total transaction of $181,224.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CNK shares. Barrington Research reissued an "outperform" rating and issued a $36.00 price target on shares of Cinemark in a report on Monday, August 4th. Roth Capital lowered their target price on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. B. Riley started coverage on Cinemark in a research note on Friday, May 16th. They set a "neutral" rating and a $35.00 price target on the stock. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Cinemark in a report on Thursday, July 10th. They set a "buy" rating and a $36.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $33.67.

Cinemark Stock Up 3.7%

CNK stock traded up $1.01 during midday trading on Thursday, hitting $28.17. The company's stock had a trading volume of 3,765,744 shares, compared to its average volume of 3,929,582. The company's fifty day moving average price is $27.37 and its 200 day moving average price is $28.29. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28. The stock has a market capitalization of $3.24 billion, a P/E ratio of 15.39, a PEG ratio of 1.93 and a beta of 1.85.

Cinemark (NYSE:CNK - Get Free Report) last announced 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). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company had revenue of $940.50 million during the quarter, compared to the consensus estimate of $942.14 million. During the same quarter in the previous year, the business earned $0.32 EPS. Cinemark's revenue was up 28.1% on a year-over-year basis. As a group, equities research analysts predict that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Wednesday, August 27th. Cinemark's payout ratio is presently 17.49%.

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.