Navellier & Associates Inc. Buys Shares of 50,402 Cinemark Holdings Inc (NYSE:CNK)

Key Points

• Navellier & Associates Inc. has invested approximately $1.26 million in Cinemark Holdings Inc by acquiring 50,402 shares during the first quarter.
• Insider Valmir Fernandes sold 25,000 shares of Cinemark, marking a 16.07% decrease in their position, while the company recently reported a quarterly revenue decline of 6.6% year-over-year.
• Cinemark's stock currently has an average rating of "Moderate Buy" with a price target of $34.00, and the stock has a market cap of $3.33 billion.

Navellier & Associates Inc. bought a new stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 50,402 shares of the company's stock, valued at approximately $1,255,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Allianz Asset Management GmbH acquired a new position in shares of Cinemark during the first quarter worth approximately $508,000. Jennison Associates LLC acquired a new position in Cinemark during the 1st quarter worth $789,000. Tectonic Advisors LLC boosted its position in Cinemark by 50.2% during the 1st quarter. Tectonic Advisors LLC now owns 41,645 shares of the company's stock worth $1,037,000 after acquiring an additional 13,924 shares during the period. CWM LLC grew its stake in shares of Cinemark by 20.6% in the first quarter. CWM LLC now owns 6,548 shares of the company's stock worth $163,000 after purchasing an additional 1,118 shares in the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Cinemark during the first quarter valued at $2,081,000.

Cinemark Trading Down 0.6%

CNK traded down $0.17 during trading on Wednesday, reaching $27.51. The company had a trading volume of 600,654 shares, compared to its average volume of 3,794,491. The firm's 50-day simple moving average is $31.02 and its 200 day simple moving average is $29.11. The company has a debt-to-equity ratio of 5.53, a quick ratio of 0.76 and a current ratio of 0.79. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.40 and a beta of 1.88. Cinemark Holdings Inc has a 12-month low of $22.93 and a 12-month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The business had revenue of $540.70 million for the quarter, compared to the consensus estimate of $604.62 million. During the same period last year, the firm posted $0.19 earnings per share. The firm's quarterly revenue was down 6.6% compared to the same quarter last year. Equities research analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Cuts Dividend

The company also recently disclosed 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. This represents a $0.32 annualized dividend and a yield of 1.16%. The ex-dividend date was Thursday, May 29th. Cinemark's payout ratio is 21.05%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CNK shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Cinemark in a report on Thursday, July 10th. They issued a "buy" rating and a $36.00 price objective for the company. Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $32.00 to $37.00 in a research note on Friday, July 11th. B. Riley began coverage on shares of Cinemark in a research note on Friday, May 16th. They set a "neutral" rating and a $35.00 price objective on the stock. Benchmark reissued a "buy" rating and set a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. Finally, Roth Capital decreased their price target on Cinemark from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

Insider Buying and Selling at Cinemark

In other news, EVP Melissa Thomas sold 7,200 shares of the firm's stock in a transaction 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 completion of the sale, the executive vice president owned 210,968 shares of the company's stock, valued at $6,630,724.24. This trade represents a 3.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Valmir Fernandes sold 25,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $33.01, for a total value of $825,250.00. Following the transaction, the insider directly owned 130,612 shares in the company, valued at $4,311,502.12. The trade was a 16.07% decrease in their ownership of the stock. 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 in the last three months. 2.30% of the stock is currently owned by company insiders.

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.