Cookson Peirce & Co. Inc. Takes Position in Cinemark Holdings Inc $CNK

Key Points

• Cookson Peirce & Co. Inc. has acquired a new stake in Cinemark Holdings Inc, purchasing 293,634 shares valued at approximately $8.86 million, representing about 0.26% of the company.
• Cinemark recently reported a Q2 earnings miss with earnings per share of $0.63, falling short of analysts' estimates of $0.78, but its revenue increased 28.1% year-over-year.
• The company declared a quarterly dividend of $0.08 per share, equating to an annualized yield of 1.2%, with a dividend payout ratio of 17.49%.

Cookson Peirce & Co. Inc. acquired a new stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 293,634 shares of the company's stock, valued at approximately $8,862,000. Cookson Peirce & Co. Inc. owned about 0.26% of Cinemark at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Praxis Investment Management Inc. purchased a new position in Cinemark during the second quarter worth $200,000. New York State Teachers Retirement System lifted its position in shares of Cinemark by 0.9% during the second quarter. New York State Teachers Retirement System now owns 102,292 shares of the company's stock valued at $3,087,000 after buying an additional 904 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of Cinemark by 38.7% during the second quarter. Ritholtz Wealth Management now owns 59,230 shares of the company's stock valued at $1,788,000 after buying an additional 16,527 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Cinemark by 132.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 89,160 shares of the company's stock valued at $2,691,000 after buying an additional 50,839 shares during the last quarter. Finally, CWM LLC lifted its position in shares of Cinemark by 29.2% during the second quarter. CWM LLC now owns 8,458 shares of the company's stock valued at $255,000 after buying an additional 1,910 shares during the last quarter.

Insider Transactions at Cinemark

In related news, EVP Melissa Thomas sold 7,200 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $25.17, for a total value of $181,224.00. Following the completion of the transaction, the executive vice president directly owned 203,768 shares of the company's stock, valued at $5,128,840.56. This represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Cinemark Stock Up 2.0%

Shares of CNK opened at $27.24 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The firm has a market cap of $3.13 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 1.91 and a beta of 1.75. The company's 50-day moving average price is $26.89 and its 200 day moving average price is $28.80. Cinemark Holdings Inc has a 12-month low of $23.12 and a 12-month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The business had revenue of $940.50 million for the quarter, compared to analysts' expectations of $942.14 million. During the same quarter last year, the company earned $0.32 earnings per share. The firm's revenue for the quarter was up 28.1% on a year-over-year basis. On average, sell-side analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, August 27th. Cinemark's dividend payout ratio is 17.49%.

Analysts Set New Price Targets

CNK has been the topic of several research reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $33.00 price target (down previously from $36.00) on shares of Cinemark in a report on Monday, August 4th. Roth Capital cut their target price on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a report on Monday, August 4th. Barrington Research reissued an "outperform" rating and issued a $36.00 price target on shares of Cinemark in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. lifted their price target on shares of Cinemark from $37.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, October 9th. Finally, Benchmark reaffirmed a "buy" rating and set a $35.00 target price on shares of Cinemark in a research note on Wednesday, July 2nd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $35.30.

Cinemark Company 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.

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