Hedges Asset Management LLC Has $972,000 Holdings in Cinemark Holdings Inc $CNK

Key Points

• Hedges Asset Management LLC has reduced its stake in Cinemark Holdings Inc by 43.5%, now holding 32,200 shares worth approximately $972,000.
• Analysts have set price targets for Cinemark, with Roth Capital lowering theirs to $34.00, while Wedbush raised it to $37.00, showcasing varying opinions on the stock's potential performance.
• Insider Melissa Thomas sold 7,200 shares at an average price of $25.17, decreasing her ownership, which now stands at approximately $5.1 million overall.

Hedges Asset Management LLC lowered its stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 43.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,200 shares of the company's stock after selling 24,800 shares during the quarter. Hedges Asset Management LLC's holdings in Cinemark were worth $972,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Elequin Capital LP grew its holdings in Cinemark by 211.6% during 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 last quarter. Russell Investments Group Ltd. grew its holdings in Cinemark by 242.9% during the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock worth $88,000 after acquiring an additional 2,502 shares during the last quarter. CWM LLC grew its holdings in Cinemark by 20.6% during the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock worth $163,000 after acquiring an additional 1,118 shares during the last quarter. Twin Tree Management LP grew its holdings in Cinemark by 2,790.7% during the 1st quarter. Twin Tree Management LP now owns 8,354 shares of the company's stock worth $208,000 after acquiring an additional 8,065 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Cinemark during the 4th quarter worth about $221,000.

Cinemark Trading Down 0.1%

Cinemark stock traded down $0.03 during midday trading on Friday, hitting $27.86. 1,597,251 shares of the stock were exchanged, compared to its average volume of 3,917,610. The company has a fifty day simple moving average of $27.16 and a two-hundred day simple moving average of $28.39. Cinemark Holdings Inc has a 52 week low of $23.12 and a 52 week high of $36.28. The stock has a market capitalization of $3.20 billion, a PE ratio of 15.22, a P/E/G ratio of 2.02 and a beta of 1.85. 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 (NYSE:CNK - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported $0.63 earnings per share 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 firm's revenue was up 28.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. Equities research analysts anticipate that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 27th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, August 27th. Cinemark's dividend payout ratio (DPR) is 17.49%.

Analysts Set New Price Targets

A number of brokerages have commented on CNK. Benchmark reissued a "buy" rating and set a $35.00 price objective on shares of Cinemark in a report on Wednesday, July 2nd. Barrington Research reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a research note on Monday, August 4th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 target price (down previously from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Roth Capital reduced their target price on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday, August 4th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cinemark in a research note on Thursday, July 10th. They issued a "buy" rating and a $36.00 target price on the stock. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Cinemark currently has an average rating of "Moderate Buy" and an average target price of $34.91.

Insider Buying and Selling

In other Cinemark news, EVP Melissa Thomas sold 7,200 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $25.17, for a total transaction of $181,224.00. Following the sale, the executive vice president directly owned 203,768 shares in the company, valued at approximately $5,128,840.56. This trade represents a 3.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company's stock.

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.