State of Wyoming Decreases Stake in Cinemark Holdings Inc $CNK

Key Points

• The State of Wyoming reduced its holdings in Cinemark Holdings Inc by 79.7%, selling 19,132 shares and now holding a total of 4,881 shares valued at $121,000.
• Several large investors, including MYDA Advisors and Martingale Asset Management, significantly increased their positions in Cinemark during the 1st quarter, indicating a contrasting trend among institutional investors.
• Cinemark reported a quarterly EPS of $0.63, which was below analyst expectations, leading to a 28.1% increase in revenue compared to the previous year.

State of Wyoming lessened its stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 79.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,881 shares of the company's stock after selling 19,132 shares during the quarter. State of Wyoming's holdings in Cinemark were worth $121,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNK. Elequin Capital LP increased its holdings in Cinemark by 211.6% during the 4th quarter. Elequin Capital LP now owns 997 shares of the company's stock worth $31,000 after purchasing an additional 677 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Cinemark by 242.9% during the first 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 during the period. CWM LLC boosted its position 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 during the last quarter. Mackenzie Financial Corp bought a new position in Cinemark in the 4th quarter valued at $221,000. Finally, Numerai GP LLC purchased a new stake in shares of Cinemark during the 4th quarter valued at $233,000.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CNK shares. Wells Fargo & Company reissued an "overweight" rating and issued a $33.00 price target (down from $36.00) on shares of Cinemark in a report on Monday, August 4th. Barrington Research reissued an "outperform" rating and set a $36.00 target price on shares of Cinemark in a research report on Monday, August 4th. Wall Street Zen raised shares of Cinemark from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Wedbush upgraded Cinemark from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $32.00 to $37.00 in a research note on Friday, July 11th. Finally, Roth Capital cut their price target on Cinemark from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, August 4th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.67.

Insider Transactions at Cinemark

In other Cinemark news, insider Wanda Marie Gierhart sold 52,524 shares of Cinemark stock in a transaction that occurred on 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 directly owned 94,890 shares of the company's stock, valued at approximately $3,022,246.50. The trade was a 35.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Melissa Thomas sold 7,200 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $25.17, for a total transaction of $181,224.00. Following the sale, the executive vice president owned 203,768 shares in the company, valued at approximately $5,128,840.56. This trade represents a 3.41% decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.

Cinemark Price Performance

NYSE:CNK traded down $0.40 during mid-day trading on Tuesday, reaching $27.06. The stock had a trading volume of 4,115,366 shares, compared to its average volume of 3,906,597. The stock has a market capitalization of $3.11 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.96 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. The firm has a 50 day moving average price of $27.43 and a two-hundred day moving average price of $28.30. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.88 and a current ratio of 0.91.

Cinemark (NYSE:CNK - Get Free Report) last released its earnings results on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.15). The company 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 period last year, the firm posted $0.32 EPS. As a group, analysts expect that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark's dividend payout ratio (DPR) is currently 17.49%.

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.