Royal Bank of Canada Has $39.87 Million Stock Holdings in Cinemark Holdings, Inc. (NYSE:CNK)

Royal Bank of Canada lessened its stake in Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 5.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,287,086 shares of the company's stock after selling 79,800 shares during the period. Royal Bank of Canada owned 1.05% of Cinemark worth $39,874,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its stake in shares of Cinemark by 100.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company's stock valued at $127,159,000 after purchasing an additional 2,054,579 shares during the last quarter. Candlestick Capital Management LP lifted its holdings in Cinemark by 48.1% in the fourth quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company's stock valued at $152,782,000 after buying an additional 1,601,537 shares during the period. Man Group plc bought a new position in Cinemark in the fourth quarter valued at approximately $28,040,000. Norges Bank acquired a new stake in Cinemark during the 4th quarter worth $25,623,000. Finally, Wealthfront Advisers LLC bought a new stake in shares of Cinemark during the 4th quarter valued at $13,704,000.

Analyst Ratings Changes

CNK has been the subject of several analyst reports. B. Riley started coverage on Cinemark in a research report on Friday, May 16th. They set a "neutral" rating and a $35.00 target price for the company. Macquarie reaffirmed an "outperform" rating and issued a $35.00 target price on shares of Cinemark in a research note on Thursday, February 20th. Morgan Stanley dropped their price target on Cinemark from $40.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, February 20th. Barrington Research reaffirmed an "outperform" rating and set a $36.00 price objective on shares of Cinemark in a research report on Monday, May 5th. Finally, Wells Fargo & Company decreased their price objective on Cinemark from $38.00 to $36.00 and set an "overweight" rating for the company in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $33.20.

Cinemark Price Performance

Shares of CNK traded down $0.74 during midday trading on Wednesday, hitting $32.95. The company's stock had a trading volume of 480,811 shares, compared to its average volume of 3,008,945. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 3.28. Cinemark Holdings, Inc. has a one year low of $16.32 and a one year high of $36.28. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 16.25 and a beta of 1.91. The company's fifty day simple moving average is $28.71 and its two-hundred day simple moving average is $29.56.

Cinemark (NYSE:CNK - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The company reported ($0.32) EPS for the quarter, meeting analysts' consensus estimates of ($0.32). The company had revenue of $540.70 million during the quarter, compared to analysts' expectations of $604.62 million. Cinemark had a return on equity of 65.83% and a net margin of 10.16%. Cinemark's revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 EPS. As a group, equities analysts expect that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current fiscal year.

Cinemark Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be paid a $0.08 dividend. The ex-dividend date is Thursday, May 29th. This represents a $0.32 annualized dividend and a dividend yield of 0.97%. Cinemark's payout ratio is 21.05%.

Insiders Place Their Bets

In related news, EVP Melissa Thomas sold 7,200 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $31.43, for a total transaction of $226,296.00. Following the sale, the executive vice president now owns 210,968 shares in the company, valued at $6,630,724.24. This represents a 3.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.10% of the company's stock.

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.