Royal Bank of Canada Has $40.17 Million Stock Position in Cinemark Holdings Inc $CNK

Key Points

• Royal Bank of Canada increased its stake in Cinemark Holdings Inc by 25.4%, owning approximately 1.40% of the company's stock valued at $40.17 million after acquiring 326,927 shares.
• Several analysts upgraded their ratings for Cinemark, with Wedbush raising their price target from $32.00 to $37.00 and maintaining an "outperform" rating, while Benchmark set a "buy" rating with a price target of $35.00.
• Cinemark recently declared a quarterly dividend of $0.08 per share, which translates to an annualized dividend of $0.32 and a dividend yield of 1.2%.

Royal Bank of Canada increased its position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 25.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,614,013 shares of the company's stock after purchasing an additional 326,927 shares during the quarter. Royal Bank of Canada owned 1.40% of Cinemark worth $40,172,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Elequin Capital LP raised its position 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 buying an additional 677 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Cinemark by 242.9% in the first quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after acquiring an additional 2,502 shares during the last quarter. CWM LLC lifted its stake in Cinemark by 20.6% during 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 during the last quarter. Twin Tree Management LP lifted its stake in Cinemark by 2,790.7% during the first quarter. Twin Tree Management LP now owns 8,354 shares of the company's stock worth $208,000 after purchasing an additional 8,065 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in shares of Cinemark in the 4th quarter valued at $221,000.

Cinemark Trading Down 1.5%

Shares of NYSE CNK traded down $0.40 during midday trading on Tuesday, reaching $27.06. The stock had a trading volume of 4,115,366 shares, compared to its average volume of 3,939,317. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 1.85 and a beta of 1.85. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28. 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's 50 day moving average price is $27.50 and its 200 day moving average price is $28.31.

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

Cinemark Dividend Announcement

The company 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. The ex-dividend date is Wednesday, August 27th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.2%. Cinemark's payout ratio is 17.49%.

Insider Buying and Selling

In related news, EVP Melissa Thomas sold 7,200 shares of the firm'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 sale, the executive vice president owned 203,768 shares of the company's stock, valued at $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 SEC, which is available at the SEC website. Also, insider Wanda Marie Gierhart sold 52,524 shares of the firm'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. This represents a 35.63% decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CNK. Barrington Research reissued an "outperform" rating and set a $36.00 price target on shares of Cinemark in a report on Monday, August 4th. B. Riley initiated coverage on Cinemark in a research note on Friday, May 16th. They set a "neutral" rating and a $35.00 target price for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Cinemark in a report on Thursday, July 10th. They issued a "buy" rating and a $36.00 target price for the company. Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $33.00 price objective (down from $36.00) on shares of Cinemark in a research report on Monday, August 4th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $33.67.

About Cinemark

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.