Invesco Ltd. Sells 589,823 Shares of Cinemark Holdings Inc $CNK

Key Points

• Invesco Ltd. has reduced its stake in Cinemark Holdings Inc. by 33.7%, selling 589,823 shares during the first quarter, leaving it with approximately 1.01% ownership valued at about $28.9 million.
• Analysts have shown a positive outlook on Cinemark, with ten rating it as a "Buy" and raising price targets, including Wedbush's increase from $32.00 to $37.00.
• Cinemark recently announced a quarterly dividend of $0.08 per share, resulting in an annualized yield of 1.2%, demonstrating a commitment to returning value to shareholders.

Invesco Ltd. decreased its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 33.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,160,564 shares of the company's stock after selling 589,823 shares during the quarter. Invesco Ltd. owned about 1.01% of Cinemark worth $28,886,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Elequin Capital LP boosted its stake in Cinemark by 211.6% during the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after acquiring an additional 677 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Cinemark by 402.4% during the 4th 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 last quarter. Quarry LP boosted its stake in Cinemark by 41.8% during the 4th quarter. Quarry LP now owns 2,114 shares of the company's stock worth $65,000 after acquiring an additional 623 shares during the last quarter. CWM LLC boosted its stake in Cinemark by 20.6% during the 1st 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 last quarter. Finally, Mackenzie Financial Corp bought a new position in Cinemark during the 4th quarter worth approximately $221,000.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CNK. Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $32.00 to $37.00 in a research note on Friday, July 11th. B. Riley initiated coverage on shares of Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 price target on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 price target (down previously from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Benchmark reaffirmed a "buy" rating and issued a $35.00 price target on shares of Cinemark in a research note on Wednesday, July 2nd. Finally, Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.67.

Insider Activity

In other 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 directly owned 94,890 shares in the company, valued at $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of Cinemark stock in a transaction that occurred on Friday, August 15th. The shares were 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 owned 203,768 shares in the company, valued at $5,128,840.56. This trade represents a 3.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,724 shares of company stock worth $2,679,363 over the last ninety days. Insiders own 2.30% of the company's stock.

Cinemark Price Performance

NYSE CNK opened at $26.4630 on Wednesday. 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 Holdings Inc has a 12-month low of $23.12 and a 12-month high of $36.28. The company has a market capitalization of $3.04 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 1.87 and a beta of 1.90. The firm's 50 day moving average is $29.01 and its 200-day moving average is $28.78.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The business had revenue of $940.50 million during the quarter, compared to analyst estimates of $942.14 million. During the same quarter last year, the business earned $0.32 earnings per share. Cinemark's revenue for the quarter was up 28.1% on a year-over-year basis. Equities research analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

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

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.

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