Dark Forest Capital Management LP Has $5.99 Million Stock Position in Cinemark Holdings Inc $CNK

Key Points

• Dark Forest Capital Management LP increased its stake in Cinemark Holdings Inc by an impressive 2,933.6% during the 1st quarter, now owning around 0.21% of the company with a value of nearly $6 million.
• Multiple institutional investors have acquired shares in Cinemark recently, including Mercer Global Advisors and Elequin Capital, contributing to a general positive sentiment toward the stock.
• Cinemark is set to pay a quarterly dividend of $0.08 per share on September 10th, with a resulting annual yield of 1.2% based on its current valuation.

Dark Forest Capital Management LP grew its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 2,933.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 240,749 shares of the company's stock after purchasing an additional 232,813 shares during the quarter. Dark Forest Capital Management LP owned 0.21% of Cinemark worth $5,992,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its position in shares of Cinemark by 3.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,270 shares of the company's stock valued at $504,000 after purchasing an additional 591 shares during the period. Elequin Capital LP increased its position in shares of Cinemark by 211.6% during the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock valued at $31,000 after purchasing an additional 677 shares during the period. CWM LLC increased its position in shares of Cinemark by 20.6% during the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock valued at $163,000 after purchasing an additional 1,118 shares during the period. Teza Capital Management LLC increased its position in shares of Cinemark by 11.5% during the 4th quarter. Teza Capital Management LLC now owns 11,695 shares of the company's stock valued at $362,000 after purchasing an additional 1,206 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Cinemark by 7.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the company's stock valued at $751,000 after purchasing an additional 2,199 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CNK shares. Wells Fargo & Company reiterated an "overweight" rating and set a $33.00 price target (down from $36.00) on shares of Cinemark in a research report on Monday, August 4th. Benchmark reiterated a "buy" rating and set a $35.00 price target on shares of Cinemark in a research report on Wednesday, July 2nd. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Barrington Research restated an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a report on Monday, August 4th. Finally, B. Riley started coverage on Cinemark in a report on Friday, May 16th. They issued a "neutral" rating and a $35.00 target price on the stock. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $33.67.

Insider Buying and Selling at Cinemark

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $31.85, for a total value of $1,672,889.40. Following the completion of the sale, the insider owned 94,890 shares of the company's stock, valued at $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Melissa Thomas sold 7,200 shares of the firm's stock in a transaction 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 sale, the executive vice president directly owned 203,768 shares of the company's stock, valued at approximately $5,128,840.56. This trade represents a 3.41% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Cinemark Stock Up 1.7%

Shares of Cinemark stock traded up $0.44 during midday trading on Friday, hitting $25.85. The company's stock had a trading volume of 3,183,224 shares, compared to its average volume of 3,876,084. The firm has a market capitalization of $2.97 billion, a P/E ratio of 14.12, a PEG ratio of 1.85 and a beta of 1.85. The stock has a 50-day simple moving average of $27.55 and a 200-day simple moving average of $28.31. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 4.32. Cinemark Holdings Inc has a 1-year low of $23.12 and a 1-year high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last issued its earnings results on Friday, August 1st. The company reported $0.63 EPS 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 analyst estimates of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The business's quarterly revenue was up 28.1% on a year-over-year basis. During the same period last year, the business earned $0.32 EPS. As a group, sell-side analysts expect that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's dividend payout ratio (DPR) is 17.49%.

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.