GAMMA Investing LLC Acquires 49,094 Shares of Cinemark Holdings Inc (NYSE:CNK)

GAMMA Investing LLC lifted its stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 1,677.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,020 shares of the company's stock after purchasing an additional 49,094 shares during the quarter. GAMMA Investing LLC's holdings in Cinemark were worth $1,295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. LPL Financial LLC boosted its position in shares of Cinemark by 6.8% during the fourth quarter. LPL Financial LLC now owns 8,722 shares of the company's stock worth $270,000 after buying an additional 556 shares during the period. QRG Capital Management Inc. grew its stake in shares of Cinemark by 3.2% in the fourth quarter. QRG Capital Management Inc. now owns 17,730 shares of the company's stock worth $549,000 after purchasing an additional 557 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of Cinemark by 3.8% during the fourth 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. Summit Investment Advisors Inc. increased its holdings in shares of Cinemark by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,546 shares of the company's stock valued at $358,000 after purchasing an additional 618 shares during the period. Finally, Quarry LP raised its stake in shares of Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company's stock valued at $65,000 after purchasing an additional 623 shares in the last quarter.

Cinemark Stock Up 1.5%

CNK stock traded up $0.48 during midday trading on Tuesday, reaching $32.42. The company had a trading volume of 11,616,998 shares, compared to its average volume of 3,116,670. The company has a 50 day moving average of $30.66 and a two-hundred day moving average of $29.48. The company has a current ratio of 0.79, a quick ratio of 0.76 and a debt-to-equity ratio of 5.53. Cinemark Holdings Inc has a 1 year low of $18.46 and a 1 year high of $36.28. The company has a market capitalization of $3.73 billion, a P/E ratio of 21.01, a PEG ratio of 1.91 and a beta of 1.93.

Cinemark (NYSE:CNK - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.32). Cinemark had a return on equity of 51.68% and a net margin of 8.17%. The firm had revenue of $540.70 million during the quarter, compared to analysts' expectations of $604.62 million. During the same quarter last year, the firm earned $0.19 earnings per share. The business's revenue for the quarter was down 6.6% on a year-over-year basis. On average, equities research analysts expect that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were paid a $0.08 dividend. The ex-dividend date was Thursday, May 29th. This represents a $0.32 annualized dividend and a dividend yield of 0.99%. Cinemark's payout ratio is 21.05%.

Insider Buying and Selling

In other news, insider Valmir Fernandes sold 25,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total transaction of $825,250.00. Following the completion of the sale, the insider now owns 130,612 shares in the company, valued at approximately $4,311,502.12. This represents a 16.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $31.85, for a total value of $1,672,889.40. Following the transaction, the insider now owns 94,890 shares in the company, valued at approximately $3,022,246.50. This trade represents a 35.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,724 shares of company stock worth $2,724,435. Insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

CNK has been the topic of several research analyst reports. Wedbush reissued a "neutral" rating and set a $32.00 target price on shares of Cinemark in a research note on Monday, April 28th. Barrington Research reissued an "outperform" rating and set a $36.00 target price on shares of Cinemark in a report on Monday, May 5th. Benchmark decreased their price target on Cinemark from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Morgan Stanley dropped their price objective on Cinemark from $40.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, February 20th. Finally, B. Riley assumed coverage on Cinemark in a research note on Friday, May 16th. They set a "neutral" rating and a $35.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cinemark currently has an average rating of "Moderate Buy" and a consensus target price of $33.20.

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.