Tabor Asset Management LP Lowers Holdings in Cinemark Holdings Inc (NYSE:CNK)

Tabor Asset Management LP decreased its stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 58.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 122,635 shares of the company's stock after selling 172,744 shares during the period. Tabor Asset Management LP owned about 0.10% of Cinemark worth $3,052,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Cinemark by 100.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company's stock worth $127,159,000 after purchasing an additional 2,054,579 shares during the period. Candlestick Capital Management LP boosted its stake in shares of Cinemark by 48.1% during the 4th quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company's stock valued at $152,782,000 after purchasing an additional 1,601,537 shares in the last quarter. Simcoe Capital Management LLC bought a new stake in shares of Cinemark during the 4th quarter valued at about $37,763,000. Man Group plc bought a new stake in shares of Cinemark during the 4th quarter valued at about $28,040,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Cinemark by 215.4% during the first quarter. Assenagon Asset Management S.A. now owns 1,251,219 shares of the company's stock valued at $31,143,000 after purchasing an additional 854,540 shares during the last quarter.

Cinemark Trading Down 1.1%

Shares of Cinemark stock traded down $0.33 during trading on Monday, hitting $29.89. The stock had a trading volume of 227,752 shares, compared to its average volume of 3,234,845. The firm's fifty day simple moving average is $31.32 and its 200-day simple moving average is $29.17. The stock has a market cap of $3.44 billion, a PE ratio of 19.61, a PEG ratio of 2.44 and a beta of 1.88. The company has a debt-to-equity ratio of 5.53, a current ratio of 0.79 and a quick ratio of 0.76. Cinemark Holdings Inc has a 12 month low of $21.17 and a 12 month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last released 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). The firm had revenue of $540.70 million during the quarter, compared to analyst estimates of $604.62 million. Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The business's revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the business earned $0.19 EPS. As a group, sell-side analysts expect that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.08 per share. The ex-dividend date was Thursday, May 29th. This represents a $0.32 dividend on an annualized basis and a yield of 1.07%. Cinemark's payout ratio is 21.05%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. B. Riley assumed coverage on shares of Cinemark in a research note on Friday, May 16th. They issued a "neutral" rating and a $35.00 target price on the stock. Roth Capital cut 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. Barrington Research reaffirmed an "outperform" rating and set a $36.00 target price on shares of Cinemark in a report on Monday, May 5th. Benchmark reissued a "buy" rating and issued a $35.00 price objective on shares of Cinemark in a research note on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cinemark from $34.00 to $35.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Cinemark currently has an average rating of "Moderate Buy" and an average price target of $34.00.

Insider Buying and Selling at Cinemark

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $31.85, for a total value of $1,672,889.40. Following the sale, the insider owned 94,890 shares in the company, valued at $3,022,246.50. This represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total transaction of $825,250.00. Following the sale, the insider directly owned 130,612 shares in the company, valued at $4,311,502.12. This trade represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,724 shares of company stock worth $2,724,435. 2.30% of the stock is owned by corporate insiders.

Cinemark Company 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.

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