Cinemark Holdings Inc $CNK Shares Bought by Dark Forest Capital Management LP

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 boosted its stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 2,933.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 240,749 shares of the company's stock after acquiring an additional 232,813 shares during the quarter. Dark Forest Capital Management LP owned about 0.21% of Cinemark worth $5,992,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elequin Capital LP boosted its holdings in Cinemark by 211.6% in the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after acquiring an additional 677 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Cinemark by 242.9% during the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after buying an additional 2,502 shares during the last quarter. CWM LLC boosted its stake 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 buying an additional 1,118 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Cinemark during the 4th quarter valued at approximately $221,000. Finally, Numerai GP LLC purchased a new position in shares of Cinemark during the 4th quarter valued at approximately $233,000.

Cinemark Stock Performance

CNK traded up $0.44 during trading hours on Friday, hitting $25.85. 3,183,224 shares of the stock were exchanged, compared to its average volume of 3,996,306. The stock has a 50-day simple moving average of $27.55 and a 200-day simple moving average of $28.31. Cinemark Holdings Inc has a 12 month low of $23.12 and a 12 month high of $36.28. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.82 and a beta of 1.85. 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 (NYSE:CNK - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.15). The firm had revenue of $940.50 million for the quarter, compared to the consensus estimate of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The business's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 earnings per share. Analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on CNK shares. Wells Fargo & Company reiterated an "overweight" rating and set a $33.00 target price (down from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Roth Capital reduced 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. Barrington Research reiterated an "outperform" rating and set a $36.00 target price on shares of Cinemark in a research note on Monday, August 4th. Wedbush upgraded Cinemark from a "neutral" rating to an "outperform" rating and increased their target price for the company from $32.00 to $37.00 in a research note on Friday, July 11th. Finally, Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Ten investment 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's stock. According to MarketBeat.com, Cinemark currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.67.

Insiders Place Their Bets

In other Cinemark 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 sale, the insider directly owned 94,890 shares in the company, valued at approximately $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Melissa Thomas sold 7,200 shares of the firm's stock in a transaction on Friday, August 15th. The shares were 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 owned 203,768 shares in the company, valued at $5,128,840.56. The trade was a 3.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

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.