The Manufacturers Life Insurance Company Takes $1.66 Million Position in Cinemark Holdings Inc $CNK

Key Points

• The Manufacturers Life Insurance Company acquired 52,295 Cinemark shares worth approximately $1.66 million during the second quarter, joining several other institutional investors that increased or initiated positions.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $37.93 price target; several firms set targets at $40.
• Cinemark exceeded quarterly expectations, reporting $1.19 in EPS versus $1.03 forecast and revenue of $1.09 billion, up 15.5% year over year. The company also announced a quarterly dividend of $0.09 per share, yielding about 1% annually.

The Manufacturers Life Insurance Company purchased a new position in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 52,295 shares of the company's stock, valued at approximately $1,659,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cinemark in the 2nd quarter valued at approximately $22,657,000. State of New Jersey Common Pension Fund D bought a new position in shares of Cinemark during the fourth quarter valued at $1,661,000. UBS Group AG lifted its holdings in shares of Cinemark by 49.8% during the fourth quarter. UBS Group AG now owns 1,100,402 shares of the company's stock worth $25,573,000 after purchasing an additional 365,630 shares during the period. BlackRock Inc. acquired a new position in shares of Cinemark during the second quarter worth $530,855,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Cinemark in the second quarter worth $449,000.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Benchmark increased their price objective on Cinemark from $37.00 to $40.00 and gave the company a "buy" rating in a report on Friday, July 31st. Zacks Research upgraded Cinemark from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Moffett Nathanson reissued a "buy" rating and issued a $40.00 price target on shares of Cinemark in a research note on Thursday, July 30th. Guggenheim set a $37.00 price objective on Cinemark in a research report on Thursday, July 2nd. Finally, Morgan Stanley set a $40.00 price objective on Cinemark in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.93.

Cinemark Price Performance

Shares of NYSE CNK opened at $34.98 on Friday. The company has a market capitalization of $4.05 billion, a PE ratio of 20.70 and a beta of 0.98. The company has a quick ratio of 0.81, a current ratio of 0.84 and a debt-to-equity ratio of 3.87. Cinemark Holdings Inc has a twelve month low of $21.60 and a twelve month high of $38.98. The firm has a fifty day simple moving average of $34.25 and a 200 day simple moving average of $30.66.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.16. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.03 billion. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The business's quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the company posted $0.63 EPS. On average, sell-side analysts forecast that Cinemark Holdings Inc will post 2.36 EPS for the current year.

Cinemark Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $0.36 annualized dividend and a yield of 1.0%. Cinemark's dividend payout ratio (DPR) is currently 21.30%.

About Cinemark

Cinemark Holdings, Inc NYSE: CNK is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company's core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark's exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company's product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.

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