Hodges Capital Management Inc. Decreases Holdings in Cinemark Holdings Inc $CNK

Key Points

• Hodges Capital Management Inc. has reduced its stake in Cinemark Holdings by 25.6%, selling 89,489 shares and leaving them with 259,451 shares worth around $6.46 million.
• Cinemark's quarterly earnings report revealed $0.63** earnings per share, which fell short of analyst expectations of $0.78**, though revenues increased by 28.1% year-over-year.
• The company has a Moderate Buy consensus rating among analysts, with a target price averaging around $33.67.

Hodges Capital Management Inc. lowered its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 25.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 259,451 shares of the company's stock after selling 89,489 shares during the period. Hodges Capital Management Inc. owned about 0.23% of Cinemark worth $6,458,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Strs Ohio acquired a new stake in shares of Cinemark during the first quarter worth about $3,920,000. Acadian Asset Management LLC acquired a new position in Cinemark in the 1st quarter valued at about $372,000. Intech Investment Management LLC increased its position in Cinemark by 52.0% in the 1st quarter. Intech Investment Management LLC now owns 94,133 shares of the company's stock valued at $2,343,000 after acquiring an additional 32,190 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Cinemark by 8.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 345,258 shares of the company's stock valued at $8,593,000 after acquiring an additional 25,490 shares during the period. Finally, Woodline Partners LP acquired a new position in Cinemark in the 1st quarter valued at about $570,000.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wedbush upgraded Cinemark from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $32.00 to $37.00 in a research report on Friday, July 11th. Wall Street Zen raised Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 price objective (down previously from $36.00) on shares of Cinemark in a report on Monday, August 4th. Benchmark reaffirmed a "buy" rating and issued a $35.00 price objective on shares of Cinemark in a report on Wednesday, July 2nd. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $36.00 price objective on shares of Cinemark in a report on Monday, August 4th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.67.

Cinemark Trading Up 1.0%

CNK traded up $0.29 during trading on Monday, hitting $28.54. The company's stock had a trading volume of 4,848,736 shares, compared to its average volume of 3,928,316. The firm's 50 day moving average price is $27.25 and its 200-day moving average price is $28.36. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88. The stock has a market cap of $3.28 billion, a PE ratio of 15.59, a PEG ratio of 2.02 and a beta of 1.85. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $940.50 million during the quarter, compared to analyst estimates of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company's revenue was up 28.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 earnings per share. On average, analysts expect that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, August 27th. Cinemark's dividend payout ratio is presently 17.49%.

Insider Activity at Cinemark

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

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.