Nuveen LLC Acquires New Position in Cinemark Holdings Inc $CNK

Key Points

• Nuveen LLC invested approximately $32.30 million in Cinemark Holdings Inc, acquiring over 1.29 million shares and representing 1.13% ownership in the company.
• Several institutional investors, including LPL Financial and Elequin Capital, also increased their stakes in Cinemark during the previous quarter, indicating growing interest in the stock.
• Cinemark recently announced a quarterly dividend of $0.08, with an annualized yield of 1.2%, reflecting a payout ratio of 17.49%.

Nuveen LLC acquired a new stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,297,592 shares of the company's stock, valued at approximately $32,297,000. Nuveen LLC owned about 1.13% of Cinemark as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Candlestick Capital Management LP increased its holdings in Cinemark by 48.1% during the fourth quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company's stock valued at $152,782,000 after buying an additional 1,601,537 shares during the last quarter. Simcoe Capital Management LLC purchased a new stake in shares of Cinemark in the fourth quarter worth $37,763,000. Man Group plc purchased a new stake in shares of Cinemark in the fourth quarter worth $28,040,000. Assenagon Asset Management S.A. increased its stake in shares of Cinemark by 215.4% in the first quarter. Assenagon Asset Management S.A. now owns 1,251,219 shares of the company's stock worth $31,143,000 after purchasing an additional 854,540 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of Cinemark by 2,108.9% in the fourth quarter. Hsbc Holdings PLC now owns 374,579 shares of the company's stock worth $11,571,000 after purchasing an additional 357,621 shares in the last quarter.

Insider Activity

In other news, EVP Melissa Thomas sold 7,200 shares of the 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 sale, the executive vice president owned 203,768 shares of the company's stock, valued at approximately $5,128,840.56. This represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Wanda Marie Gierhart sold 52,524 shares of Cinemark stock in a transaction dated 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 sale, the insider owned 94,890 shares of the company's stock, valued at $3,022,246.50. The trade was a 35.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,724 shares of company stock valued at $2,679,363. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CNK shares. Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $32.00 to $37.00 in a research note on Friday, July 11th. Benchmark reissued a "buy" rating and issued a $35.00 price objective on shares of Cinemark in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. increased their price objective on shares of Cinemark from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Barrington Research reissued an "outperform" rating and issued a $36.00 price objective on shares of Cinemark in a research note on Monday, August 4th. Finally, Roth Capital reduced their price objective on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cinemark presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.67.

Cinemark Trading Down 1.6%

Shares of CNK traded down $0.4250 during midday trading on Thursday, hitting $26.1550. The stock had a trading volume of 1,598,427 shares, compared to its average volume of 3,925,949. Cinemark Holdings Inc has a 1 year low of $23.12 and a 1 year high of $36.28. The firm has a market cap of $3.01 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 1.89 and a beta of 1.90. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88. The stock's 50 day moving average is $28.90 and its 200 day moving average is $28.76.

Cinemark (NYSE:CNK - Get Free Report) last announced 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). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The firm had revenue of $940.50 million during the quarter, compared to analysts' expectations of $942.14 million. During the same period in the prior year, the company posted $0.32 EPS. The company's revenue was up 28.1% compared to the same quarter last year. As a group, analysts forecast that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Dividend Announcement

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