Cinemark Holdings Inc (NYSE:CNK) Shares Sold by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lessened its stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 28.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,700 shares of the company's stock after selling 12,200 shares during the period. KLP Kapitalforvaltning AS's holdings in Cinemark were worth $764,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CNK. Vanguard Group Inc. increased its holdings in Cinemark by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 12,505,099 shares of the company's stock worth $387,408,000 after acquiring an additional 109,179 shares in the last quarter. Candlestick Capital Management LP raised its stake in Cinemark by 48.1% in the 4th quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company's stock valued at $152,782,000 after purchasing an additional 1,601,537 shares during the last quarter. Renaissance Technologies LLC raised its stake in Cinemark by 12.8% in the 4th quarter. Renaissance Technologies LLC now owns 3,801,578 shares of the company's stock valued at $117,773,000 after purchasing an additional 430,006 shares during the last quarter. Marshall Wace LLP raised its stake in Cinemark by 14.5% in the 4th quarter. Marshall Wace LLP now owns 3,124,834 shares of the company's stock valued at $96,807,000 after purchasing an additional 396,720 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Cinemark by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,959,183 shares of the company's stock valued at $91,676,000 after purchasing an additional 34,402 shares during the last quarter.

Insiders Place Their Bets

In other news, EVP Melissa Thomas sold 7,200 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $31.43, for a total value of $226,296.00. Following the transaction, the executive vice president owned 210,968 shares of the company's stock, valued at approximately $6,630,724.24. The trade was a 3.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Wanda Marie Gierhart sold 52,524 shares of the business'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 value of $1,672,889.40. Following the completion of the transaction, the insider directly owned 94,890 shares in the company, valued at approximately $3,022,246.50. The trade was a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,724 shares of company stock valued at $2,724,435 over the last quarter. Company insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CNK shares. Barrington Research reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a research note on Monday, May 5th. Benchmark reissued a "buy" rating and set a $35.00 price objective on shares of Cinemark in a research report on Wednesday, July 2nd. 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. B. Riley began coverage on Cinemark in a report on Friday, May 16th. They set a "neutral" rating and a $35.00 target price for the company. Finally, Roth Capital lowered their target price on Cinemark from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.00.

Cinemark Stock Down 3.9%

Shares of NYSE CNK traded down $1.05 during midday trading on Friday, hitting $25.82. 7,274,735 shares of the company's stock were exchanged, compared to its average volume of 3,874,895. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.79 and a quick ratio of 0.76. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28. The company has a market cap of $2.97 billion, a PE ratio of 16.99, a P/E/G ratio of 2.31 and a beta of 1.88. The firm's fifty day simple moving average is $30.81 and its 200-day simple moving average is $29.08.

Cinemark (NYSE:CNK - Get Free Report) last issued its 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 analyst estimates of $942.14 million. Cinemark had a return on equity of 51.68% and a net margin of 8.17%. Cinemark's revenue was up 28.1% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. Research analysts predict that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.32 annualized dividend and a yield of 1.2%. Cinemark's payout ratio is 21.05%.

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.