Orbis Allan Gray Ltd Decreases Stock Position in Cinemark Holdings Inc $CNK

Key Points

• Orbis Allan Gray Ltd has reduced its stake in Cinemark Holdings by 10.2%, selling 1,155,209 shares in the first quarter, leaving it with approximately 10,142,246 shares in total.
• Analyst ratings for Cinemark include a consensus of "Moderate Buy", with a target price around $33.67 and some analysts setting price objectives as high as $36.00.
• Cinemark recently announced a quarterly dividend of $0.08 per share, translating to an annual yield of 1.2%, with the payout ratio standing at 17.49%.

Orbis Allan Gray Ltd decreased its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 10.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,142,246 shares of the company's stock after selling 1,155,209 shares during the period. Cinemark makes up approximately 1.4% of Orbis Allan Gray Ltd's holdings, making the stock its 29th largest holding. Orbis Allan Gray Ltd owned approximately 8.82% of Cinemark worth $252,441,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Elequin Capital LP raised its position in Cinemark by 211.6% during the fourth quarter. Elequin Capital LP now owns 997 shares of the company's stock valued at $31,000 after purchasing an additional 677 shares in the last quarter. Quarry LP increased its holdings in shares of Cinemark by 41.8% in the fourth quarter. Quarry LP now owns 2,114 shares of the company's stock worth $65,000 after buying an additional 623 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Cinemark by 242.9% in the first quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock worth $88,000 after buying an additional 2,502 shares during the period. CWM LLC increased its holdings 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 buying an additional 1,118 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Cinemark in the fourth quarter worth about $221,000.

Insider Buying and Selling

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the business's stock in a transaction that occurred 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 sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $25.17, for a total transaction of $181,224.00. Following the completion of the transaction, the executive vice president owned 203,768 shares of the company's stock, valued at approximately $5,128,840.56. The trade was a 3.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on CNK. Deutsche Bank Aktiengesellschaft began coverage on Cinemark in a report on Thursday, July 10th. They issued a "buy" rating and a $36.00 price objective on the stock. Roth Capital cut their target price on Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock 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 began coverage on Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 target price on the stock. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $33.00 target price (down from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Ten 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's stock. According to MarketBeat, Cinemark has an average rating of "Moderate Buy" and a consensus price target of $33.67.

Cinemark Stock Down 0.6%

Cinemark stock traded down $0.16 during trading hours on Wednesday, hitting $25.45. 4,743,886 shares of the stock traded hands, compared to its average volume of 3,911,009. The firm's 50-day moving average price is $27.83 and its two-hundred day moving average price is $28.43. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The company has a market cap of $2.93 billion, a PE ratio of 13.91, a PEG ratio of 1.85 and a beta of 1.85. Cinemark Holdings Inc has a one year low of $23.12 and a one year high of $36.28.

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

Cinemark Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 27th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's 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.