Connor Clark & Lunn Investment Management Ltd. Takes Position in Cinemark Holdings Inc $CNK

Key Points

• Connor Clark & Lunn Investment Management acquired 714,049 Cinemark shares worth approximately $22.7 million, representing a 0.62% stake. Other major institutions, including BlackRock and Orbis Allan Gray, also increased or initiated positions.
• Cinemark reported stronger-than-expected quarterly results, with earnings of $1.19 per share and revenue of $1.09 billion—up 15.5% year over year. The stock opened at $38.41, near its 12-month high of $38.98.
• The company declared a quarterly dividend of $0.09 per share, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and a $37.93 price target.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 714,049 shares of the company's stock, valued at approximately $22,657,000. Connor Clark & Lunn Investment Management Ltd. owned 0.62% of Cinemark at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. bought a new position in Cinemark during the 2nd quarter worth $530,855,000. Orbis Allan Gray Ltd lifted its holdings in shares of Cinemark by 31.0% during the fourth quarter. Orbis Allan Gray Ltd now owns 15,057,911 shares of the company's stock worth $349,946,000 after buying an additional 3,563,810 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Cinemark by 8.4% in the fourth quarter. Wellington Management Group LLP now owns 9,536,900 shares of the company's stock valued at $221,638,000 after acquiring an additional 742,307 shares during the period. Lavaca Capital LLC acquired a new position in shares of Cinemark in the fourth quarter valued at about $133,045,000. Finally, State Street Corp grew its stake in shares of Cinemark by 1.5% in the fourth quarter. State Street Corp now owns 3,950,606 shares of the company's stock valued at $91,812,000 after acquiring an additional 60,176 shares in the last quarter.

Cinemark Price Performance

Cinemark stock opened at $38.41 on Tuesday. The stock has a 50-day moving average price of $33.83 and a two-hundred day moving average price of $30.07. Cinemark Holdings Inc has a 12 month low of $21.60 and a 12 month high of $38.98. The company has a market capitalization of $4.45 billion, a PE ratio of 22.73 and a beta of 1.00. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 3.87.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.16. Cinemark had a net margin of 6.44% and a return on equity of 50.94%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business earned $0.63 earnings per share. Cinemark's revenue was up 15.5% compared to the same quarter last year. Analysts expect that Cinemark Holdings Inc will post 2.36 EPS for the current year.

Cinemark Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be paid 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 0.9%. Cinemark's dividend payout ratio is currently 21.30%.

Analyst Ratings Changes

Several equities analysts have weighed in on CNK shares. Wall Street Zen raised Cinemark from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 15th. The Goldman Sachs Group upgraded Cinemark from a "sell" rating to a "neutral" rating and raised their price target for the stock from $23.00 to $30.00 in a research report on Wednesday, July 8th. Moffett Nathanson reaffirmed a "buy" rating and issued a $40.00 price target on shares of Cinemark in a research note on Thursday, July 30th. Wedbush upped their price objective on shares of Cinemark from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $40.00 price objective on shares of Cinemark in a research note on Friday, July 31st. One 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 company's stock. According to MarketBeat.com, Cinemark presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.93.

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.

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