Hsbc Holdings PLC Has $10.81 Million Stake in Cinemark Holdings Inc $CNK

Key Points

• Hsbc Holdings PLC increased its stake in Cinemark Holdings Inc by 18.2% during the first quarter, acquiring an additional 68,201 shares, bringing its total ownership to approximately $10.81 million.
• Cinemark recently reported Q2 earnings of $0.63 per share, missing estimates, while revenue increased by 28.1% to $940.50 million compared to the previous year.
• A quarterly dividend of $0.08 per share will be paid on September 10th, marking a 1.2% dividend yield with a payout ratio of 17.49%.

Hsbc Holdings PLC grew its holdings in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 18.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 442,780 shares of the company's stock after purchasing an additional 68,201 shares during the period. Hsbc Holdings PLC owned approximately 0.38% of Cinemark worth $10,810,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Elequin Capital LP grew its holdings in Cinemark by 211.6% during the fourth 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. grew its holdings 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 acquiring an additional 825 shares during the period. Quarry LP grew its holdings in Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company's stock worth $65,000 after acquiring an additional 623 shares during the period. CWM LLC grew its holdings in Cinemark by 20.6% during the first 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 period. Finally, Mackenzie Financial Corp acquired a new position in Cinemark during the fourth quarter worth about $221,000.

Insiders Place Their Bets

In related news, insider Wanda Marie Gierhart sold 52,524 shares of the company's stock in a transaction dated 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 completion of the sale, the insider owned 94,890 shares in the company, valued at approximately $3,022,246.50. This represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Melissa Thomas sold 7,200 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $5,128,840.56. This represents a 3.41% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Cinemark Stock Performance

NYSE CNK traded up $0.09 during trading on Friday, hitting $25.58. The company's stock had a trading volume of 1,372,170 shares, compared to its average volume of 3,899,926. Cinemark Holdings Inc has a 52 week low of $23.12 and a 52 week high of $36.28. The firm has a market cap of $2.94 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.86 and a beta of 1.90. The firm has a 50 day moving average price of $28.16 and a 200 day moving average price of $28.58. 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 announced 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 analyst estimates of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.Cinemark's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. Equities research analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, August 27th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.3%. Cinemark's payout ratio is presently 17.49%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Deutsche Bank Aktiengesellschaft began coverage on Cinemark in a research report on Thursday, July 10th. They set a "buy" rating and a $36.00 price objective for the company. Wells Fargo & Company reaffirmed an "overweight" rating and set a $33.00 price target (down from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Barrington Research reaffirmed an "outperform" rating and set a $36.00 price target on shares of Cinemark in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. raised their price target on Cinemark from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Ten equities 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's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $33.67.

Cinemark 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.