Rivermont Capital Management LP Makes New $11 Million Investment in Cinemark Holdings Inc $CNK

Key Points

• Rivermont Capital Management LP has acquired a new position in Cinemark Holdings Inc, purchasing 441,925 shares valued at approximately $11 million, making it 4.6% of their total holdings.
• Cinemark's stock has seen a trading increase of 5.8%, with current shares priced at $27.39, marking a significant change from a 52-week low of $23.12.
• The company announced a quarterly dividend of $0.08 per share, representing an annualized yield of 1.2%, to be paid to investors on September 10th.

Rivermont Capital Management LP bought a new stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 441,925 shares of the company's stock, valued at approximately $11,000,000. Cinemark accounts for about 4.6% of Rivermont Capital Management LP's portfolio, making the stock its 9th biggest position. Rivermont Capital Management LP owned 0.38% of Cinemark at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNK. Elequin Capital LP grew its stake in shares of Cinemark by 211.6% in the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock valued at $31,000 after purchasing an additional 677 shares during the period. Russell Investments Group Ltd. raised its position in 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 boosted its stake in 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. Mackenzie Financial Corp bought a new stake in shares of Cinemark during the fourth quarter worth $221,000. Finally, Numerai GP LLC acquired a new stake in shares of Cinemark in the fourth quarter valued at $233,000.

Analysts Set New Price Targets

CNK has been the subject of a number of research reports. Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and raised their price target for the company from $32.00 to $37.00 in a report on Friday, July 11th. Benchmark reiterated a "buy" rating and issued a $35.00 price objective on shares of Cinemark in a research report on Wednesday, July 2nd. Barrington Research reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a research note on Monday, August 4th. Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $33.00 price target (down from $36.00) on shares of Cinemark in a research note on Monday, August 4th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.67.

Insiders Place Their Bets

In related news, EVP Melissa Thomas sold 7,200 shares of the firm's 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 of the company's stock, valued at approximately $5,128,840.56. This trade represents a 3.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.10% of the company's stock.

Cinemark Stock Up 0.3%

Shares of CNK stock traded up $0.09 during trading hours on Friday, hitting $28.26. 2,785,344 shares of the company were exchanged, compared to its average volume of 3,923,026. Cinemark Holdings Inc has a 52 week low of $23.12 and a 52 week high of $36.28. 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 business has a 50 day moving average of $27.32 and a two-hundred day moving average of $28.30. The company has a market capitalization of $3.25 billion, a PE ratio of 15.44, a PEG ratio of 1.94 and a beta of 1.85.

Cinemark (NYSE:CNK - Get Free Report) last released its earnings results on Friday, August 1st. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.15). The firm had revenue of $940.50 million during 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 was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. Analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th were given a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $0.32 dividend on an annualized basis and a yield of 1.1%. Cinemark's dividend payout ratio (DPR) is 17.49%.

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.