MYDA Advisors LLC Increases Stock Holdings in Cinemark Holdings Inc $CNK

Key Points

• MYDA Advisors LLC increased its stake in Cinemark Holdings Inc by 150% during the first quarter, now owning 200,000 shares valued at approximately $4.98 million.
• Other institutional investors, including Elequin Capital LP and Russell Investments Group Ltd., also significantly boosted their holdings in Cinemark, indicating growing institutional interest in the stock.
• Cinemark recently announced a quarterly dividend of $0.08 per share, with an expected annualized dividend yield of 1.2% and a payout ratio of 17.49%.

MYDA Advisors LLC raised its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 150.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,000 shares of the company's stock after buying an additional 120,000 shares during the quarter. Cinemark comprises 0.9% of MYDA Advisors LLC's portfolio, making the stock its 19th biggest holding. MYDA Advisors LLC owned approximately 0.17% of Cinemark worth $4,978,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Elequin Capital LP grew its holdings in Cinemark by 211.6% during the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock valued at $31,000 after buying an additional 677 shares in the last quarter. Quarry LP lifted its stake in shares of Cinemark by 41.8% in the 4th quarter. Quarry LP now owns 2,114 shares of the company's stock valued at $65,000 after purchasing an additional 623 shares during the last quarter. Russell Investments Group Ltd. lifted 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 purchasing an additional 2,502 shares during the last quarter. CWM LLC lifted 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 purchasing an additional 1,118 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Cinemark in the 4th quarter valued at approximately $221,000.

Insiders Place Their Bets

In other news, insider Wanda Marie Gierhart sold 52,524 shares of Cinemark stock in a transaction on 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 transaction, the insider directly owned 94,890 shares in the company, valued at approximately $3,022,246.50. This trade represents a 35.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of Cinemark stock in a transaction on 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 transaction, the executive vice president owned 203,768 shares in the company, 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. Company insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

CNK has been the subject of several analyst reports. Roth Capital lowered their price objective on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Wall Street Zen raised Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. B. Riley initiated coverage on Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 price objective for the company. Wedbush raised Cinemark from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $32.00 to $37.00 in a research note on Friday, July 11th. Finally, Barrington Research reissued an "outperform" rating and set a $36.00 price target on shares of Cinemark in a research note on Monday, August 4th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $33.67.

Cinemark Stock Up 1.2%

NYSE CNK traded up $0.32 on Monday, reaching $25.81. 3,706,720 shares of the stock traded hands, compared to its average volume of 4,203,589. 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 fifty day moving average price of $28.04 and a 200-day moving average price of $28.49. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.85 and a beta of 1.85. Cinemark Holdings Inc has a 12 month low of $23.12 and a 12 month high of $36.28.

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 analysts' consensus estimates of $0.78 by ($0.15). The firm had revenue of $940.50 million for the quarter, compared to the consensus estimate of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company's revenue for the quarter was up 28.1% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. As a group, research analysts forecast that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Announces Dividend

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

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.