Hennessy Advisors Inc. Sells 177,200 Shares of Cinemark Holdings, Inc. (NYSE:CNK)

Hennessy Advisors Inc. trimmed its holdings in shares of Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,812,100 shares of the company's stock after selling 177,200 shares during the quarter. Cinemark comprises about 1.5% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 14th largest holding. Hennessy Advisors Inc. owned approximately 1.54% of Cinemark worth $45,103,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Elequin Capital LP increased its holdings in shares of Cinemark by 211.6% during the fourth quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after purchasing an additional 677 shares during the period. Russell Investments Group Ltd. grew its position in Cinemark by 402.4% during the fourth quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company's stock worth $32,000 after buying an additional 825 shares in the last quarter. Aster Capital Management DIFC Ltd increased its stake in Cinemark by 380.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company's stock worth $59,000 after acquiring an additional 1,501 shares during the period. Quarry LP raised its holdings in Cinemark by 41.8% in the 4th quarter. Quarry LP now owns 2,114 shares of the company's stock valued at $65,000 after acquiring an additional 623 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Cinemark by 198.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,320 shares of the company's stock worth $103,000 after purchasing an additional 2,207 shares in the last quarter.

Cinemark Trading Up 1.5%

Shares of Cinemark stock traded up $0.48 on Tuesday, hitting $32.42. 11,616,998 shares of the company's stock traded hands, compared to its average volume of 3,704,039. The company has a fifty day moving average of $30.66 and a two-hundred day moving average of $29.48. Cinemark Holdings, Inc. has a one year low of $19.05 and a one year high of $36.28. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 15.97 and a beta of 1.93. The company has a debt-to-equity ratio of 3.28, a current ratio of 1.01 and a quick ratio of 0.96.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.32). The firm had revenue of $540.70 million for the quarter, compared to analysts' expectations of $604.62 million. Cinemark had a return on equity of 65.83% and a net margin of 10.16%. The company's revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 EPS. As a group, sell-side analysts expect that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current year.

Cinemark Cuts Dividend

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

Insiders Place Their Bets

In related news, insider Valmir Fernandes sold 25,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $33.01, for a total value of $825,250.00. Following the transaction, the insider now directly owns 130,612 shares of the company's stock, valued at approximately $4,311,502.12. The trade was a 16.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $31.43, for a total transaction of $226,296.00. Following the sale, the executive vice president now owns 210,968 shares of the company's stock, valued at $6,630,724.24. This trade represents a 3.30% 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. Corporate insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

CNK has been the subject of a number of analyst reports. Wedbush reaffirmed a "neutral" rating and issued a $32.00 price target on shares of Cinemark in a research note on Monday, April 28th. JPMorgan Chase & Co. increased their price target on shares of Cinemark from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Morgan Stanley cut their target price on Cinemark from $40.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, February 20th. Barrington Research restated an "outperform" rating and issued a $36.00 price target on shares of Cinemark in a research note on Monday, May 5th. Finally, Macquarie reaffirmed an "outperform" rating and set a $35.00 target price on shares of Cinemark in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.