State of Wyoming Cuts 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 Cinemark Holdings Inc (NYSE:CNK - Free Report) by 79.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 quarter.

A number of other large investors have also made changes to their positions in the stock. MYDA Advisors LLC increased its holdings in shares of Cinemark by 150.0% in the 1st quarter. MYDA Advisors LLC now owns 200,000 shares of the company's stock valued at $4,978,000 after purchasing an additional 120,000 shares in the last quarter. Martingale Asset Management L P grew its stake in Cinemark by 29.1% in the 1st quarter. Martingale Asset Management L P now owns 42,383 shares of the company's stock valued at $1,055,000 after acquiring an additional 9,557 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Cinemark by 18.2% during the 1st quarter. Hsbc Holdings PLC now owns 442,780 shares of the company's stock valued at $10,810,000 after acquiring an additional 68,201 shares in the last quarter. Quantbot Technologies LP acquired a new position in Cinemark during the first quarter worth about $2,900,000. Finally, Wellington Management Group LLP raised its position in Cinemark by 12.9% during the first quarter. Wellington Management Group LLP now owns 9,346,856 shares of the company's stock worth $232,643,000 after acquiring an additional 1,066,225 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CNK. Roth Capital reduced their price target on shares of Cinemark from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, August 4th. Benchmark reaffirmed a "buy" rating and issued a $35.00 price target on shares of Cinemark in a report on Wednesday, July 2nd. B. Riley began coverage on shares of Cinemark in a report on Friday, May 16th. They issued a "neutral" rating and a $35.00 price target on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 price target (down previously from $36.00) on shares of Cinemark in a report on Monday, August 4th. Finally, Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and upped their price target for the company from $32.00 to $37.00 in a report on Friday, July 11th. 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 company's stock. Based on data from MarketBeat, Cinemark presently has a consensus rating of "Moderate Buy" and an average price target of $33.67.

Insider Transactions at Cinemark

In other Cinemark news, EVP Melissa Thomas sold 7,200 shares of the company's 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 transaction, the executive vice president directly owned 203,768 shares in the company, valued at approximately $5,128,840.56. This represents a 3.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.10% of the company's stock.

Cinemark Trading Up 0.3%

NYSE:CNK traded up $0.09 on Friday, reaching $28.26. The stock had a trading volume of 2,785,344 shares, compared to its average volume of 3,752,244. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 2.01 and a beta of 1.85. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88. The firm's fifty day moving average is $27.27 and its two-hundred day moving average is $28.31. Cinemark Holdings Inc has a 12-month low of $23.12 and a 12-month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last released its 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 analysts' expectations 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% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. Equities analysts expect that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 27th were issued a $0.08 dividend. 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 dividend payout ratio is 17.49%.

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.