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

Other institutional investors and hedge funds also recently modified their holdings of the company. Elequin Capital LP increased its stake in shares of Cinemark by 211.6% in the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock valued at $31,000 after acquiring an additional 677 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Cinemark by 242.9% in the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after acquiring an additional 2,502 shares during the last quarter. CWM LLC increased its stake in shares of Cinemark by 20.6% in the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock valued at $163,000 after acquiring an additional 1,118 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of Cinemark in the 4th quarter valued at about $221,000. Finally, Numerai GP LLC bought a new stake in shares of Cinemark in the 4th quarter valued at about $233,000.

Analysts Set New Price Targets

A number of analysts have recently commented on CNK shares. Wall Street Zen raised Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Wells Fargo & Company reissued an "overweight" rating and set a $33.00 target price (down from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Roth Capital lowered their target price on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Benchmark reissued a "buy" rating and set a $35.00 target price on shares of Cinemark in a research note on Wednesday, July 2nd. Finally, B. Riley assumed coverage on Cinemark in a research note on Friday, May 16th. They set a "neutral" rating and a $35.00 target price for the company. 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.67.

Insider Activity at Cinemark

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the completion of the transaction, the insider directly owned 94,890 shares of the company's stock, valued at $3,022,246.50. This trade represents a 35.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of the firm's 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 transaction, the executive vice president directly owned 203,768 shares of the company's stock, valued at $5,128,840.56. This represents a 3.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Cinemark Stock Up 0.6%

NYSE CNK traded up $0.16 during trading hours on Wednesday, reaching $27.17. 2,413,973 shares of the company's stock were exchanged, compared to its average volume of 3,904,319. The company's 50-day moving average is $27.37 and its two-hundred day moving average is $28.29. Cinemark Holdings Inc has a one year low of $23.12 and a one year high of $36.28. 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 $3.13 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 1.93 and a beta of 1.85.

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 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%.Cinemark's revenue was up 28.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 earnings per share. On average, analysts forecast that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's dividend payout ratio (DPR) is currently 17.49%.

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.