Cinemark Holdings Inc $CNK Stock Holdings Boosted by Royal Bank of Canada

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 grew its stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 25.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 approximately 1.40% of Cinemark worth $40,172,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of CNK. Elequin Capital LP increased its holdings in Cinemark by 211.6% in the fourth quarter. Elequin Capital LP now owns 997 shares of the company's stock valued at $31,000 after buying an additional 677 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Cinemark by 242.9% in the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock worth $88,000 after acquiring an additional 2,502 shares in the last quarter. CWM LLC increased its holdings in shares of Cinemark by 20.6% in the 1st quarter. CWM LLC now owns 6,548 shares of the company's stock valued at $163,000 after acquiring an additional 1,118 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Cinemark during the 4th quarter valued at approximately $221,000. Finally, Numerai GP LLC acquired a new stake in shares of Cinemark during the 4th quarter valued at approximately $233,000.

Insider Buying and Selling at Cinemark

In related news, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction dated 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 in the company, valued at $5,128,840.56. This represents a 3.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Wanda Marie Gierhart sold 52,524 shares of the business's stock in a transaction dated Friday, June 13th. The stock was 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 in the company, valued at $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Cinemark Stock Performance

Cinemark stock traded up $1.01 during midday trading on Thursday, reaching $28.17. 3,765,761 shares of the stock traded hands, compared to its average volume of 3,735,027. Cinemark Holdings Inc has a fifty-two week low of $23.12 and a fifty-two 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 firm has a market cap of $3.24 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 1.94 and a beta of 1.85. The firm has a fifty day moving average price of $27.32 and a two-hundred day moving average price of $28.30.

Cinemark (NYSE:CNK - Get Free Report) last announced its quarterly 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 analyst estimates of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. Cinemark's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. On average, equities research analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have weighed in on CNK. Barrington Research reiterated an "outperform" rating and set a $36.00 target price on shares of Cinemark in a research note on Monday, August 4th. Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $32.00 to $37.00 in a report on Friday, July 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cinemark in a research note on Thursday, July 10th. They set a "buy" rating and a $36.00 price objective on the stock. Roth Capital decreased their target price on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Finally, B. Riley started coverage on Cinemark in a report on Friday, May 16th. They set a "neutral" rating and a $35.00 target price for the company. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.