South Dakota Investment Council Sells 35,950 Shares of Cinemark Holdings Inc (NYSE:CNK)

South Dakota Investment Council trimmed its position in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 62.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,685 shares of the company's stock after selling 35,950 shares during the quarter. South Dakota Investment Council's holdings in Cinemark were worth $540,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNK. Raymond James Financial Inc. bought a new stake in shares of Cinemark during the fourth quarter worth $1,494,000. HighTower Advisors LLC bought a new stake in shares of Cinemark during the fourth quarter worth $224,000. Natixis Advisors LLC grew its stake in shares of Cinemark by 13.4% during the fourth quarter. Natixis Advisors LLC now owns 23,405 shares of the company's stock worth $725,000 after buying an additional 2,767 shares during the last quarter. Cibc World Markets Corp bought a new stake in shares of Cinemark during the fourth quarter worth $320,000. Finally, Xponance Inc. lifted its holdings in shares of Cinemark by 96.0% during the fourth quarter. Xponance Inc. now owns 15,079 shares of the company's stock worth $467,000 after purchasing an additional 7,386 shares during the period.

Cinemark Price Performance

NYSE CNK traded down $0.25 on Friday, hitting $28.74. The stock had a trading volume of 639,478 shares, compared to its average volume of 3,798,651. Cinemark Holdings Inc has a 52-week low of $21.17 and a 52-week high of $36.28. The company has a debt-to-equity ratio of 5.53, a quick ratio of 0.76 and a current ratio of 0.79. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.88. The firm has a 50-day moving average of $31.23 and a 200-day moving average of $29.17.

Cinemark (NYSE:CNK - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.32). Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The business had revenue of $540.70 million for the quarter, compared to analysts' expectations of $604.62 million. During the same period in the prior year, the company posted $0.19 EPS. The business's revenue for the quarter was down 6.6% compared to the same quarter last year. Equities analysts expect that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend was Thursday, May 29th. Cinemark's dividend payout ratio is presently 21.05%.

Analyst Upgrades and Downgrades

CNK has been the topic of a number of recent research reports. Barrington Research reiterated an "outperform" rating and set a $36.00 price target on shares of Cinemark in a report on Monday, May 5th. Roth Capital decreased their target price on shares of Cinemark from $36.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft began coverage on shares of Cinemark in a research report on Thursday, July 10th. They set a "buy" rating and a $36.00 target price for the company. Benchmark reiterated a "buy" rating and issued a $35.00 price objective on shares of Cinemark in a research note on Wednesday, July 2nd. Finally, Wedbush upgraded shares of Cinemark from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $32.00 to $37.00 in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cinemark currently has an average rating of "Moderate Buy" and an average price target of $34.00.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $33.01, for a total transaction of $825,250.00. Following the sale, the insider owned 130,612 shares in the company, valued at approximately $4,311,502.12. This trade represents a 16.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Wanda Marie Gierhart sold 52,524 shares of the firm's stock in a transaction on 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 in the company, valued at approximately $3,022,246.50. This trade represents a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,724 shares of company stock worth $2,724,435 in the last three months. 2.10% of the stock is currently owned by corporate insiders.

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.