Ieq Capital LLC Trims Stock Holdings in Cinemark Holdings Inc $CNK

Key Points

• Ieq Capital LLC reduced its stake in Cinemark Holdings Inc by 39.2%, selling 11,068 shares, leaving it with 17,154 shares valued at approximately $427,000.
• Several institutional investors, including Martingale Asset Management and Hsbc Holdings PLC, increased their holdings, with Martingale raising its position by 29.1%.
• Cinemark recently announced a quarterly dividend of $0.08 per share, representing a yield of 1.3%, with the ex-dividend date set for August 27th.

Ieq Capital LLC trimmed its stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 39.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,154 shares of the company's stock after selling 11,068 shares during the period. Ieq Capital LLC's holdings in Cinemark were worth $427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Northern Trust Corp grew its holdings in Cinemark by 14.2% during the 4th quarter. Northern Trust Corp now owns 1,272,312 shares of the company's stock worth $39,416,000 after acquiring an additional 158,130 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Cinemark by 3.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,270 shares of the company's stock worth $504,000 after acquiring an additional 591 shares during the period. Brevan Howard Capital Management LP acquired a new stake in Cinemark during the 4th quarter worth about $308,000. Deutsche Bank AG grew its holdings in Cinemark by 52.1% during the 4th quarter. Deutsche Bank AG now owns 98,516 shares of the company's stock worth $3,052,000 after acquiring an additional 33,758 shares during the period. Finally, Graham Capital Management L.P. acquired a new stake in Cinemark during the 4th quarter worth about $1,965,000.

Cinemark Stock Performance

Shares of Cinemark stock traded down $0.39 during mid-day trading on Tuesday, hitting $27.07. 1,763,486 shares of the stock were exchanged, compared to its average volume of 3,924,549. Cinemark Holdings Inc has a 12 month low of $23.12 and a 12 month high of $36.28. The company has a 50-day simple moving average of $27.50 and a 200 day simple moving average of $28.31. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.88 and a current ratio of 0.91. The company has a market capitalization of $3.11 billion, a P/E ratio of 14.76, a P/E/G ratio of 1.85 and a beta of 1.85.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.63 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). The company had revenue of $940.50 million during 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 company's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. Sell-side analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's payout ratio is 17.49%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CNK. Benchmark reiterated a "buy" rating and set a $35.00 price target on shares of Cinemark in a report on Wednesday, July 2nd. Roth Capital decreased their price target on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a report on Monday, August 4th. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Barrington Research reiterated an "outperform" rating and set a $36.00 price target on shares of Cinemark in a report on Monday, August 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Cinemark in a research note on Thursday, July 10th. They issued a "buy" rating and a $36.00 target price for the company. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $33.67.

Insider Buying and Selling

In related news, insider Wanda Marie Gierhart sold 52,524 shares of Cinemark 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 sale, the insider owned 94,890 shares of the company's stock, valued at approximately $3,022,246.50. The trade was a 35.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of Cinemark stock in a transaction that occurred 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 trade represents a 3.41% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% 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.