Victory Capital Management Inc. Cuts Stock Position in Cinemark Holdings Inc (NYSE:CNK)

Victory Capital Management Inc. decreased its holdings in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 88.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,489 shares of the company's stock after selling 1,057,628 shares during the period. Victory Capital Management Inc. owned about 0.12% of Cinemark worth $3,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CNK. Principal Financial Group Inc. lifted its holdings in Cinemark by 2.8% during the first quarter. Principal Financial Group Inc. now owns 681,435 shares of the company's stock valued at $16,961,000 after purchasing an additional 18,645 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its position in shares of Cinemark by 26.9% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 152,400 shares of the company's stock worth $4,722,000 after purchasing an additional 32,310 shares during the last quarter. GHP Investment Advisors Inc. lifted its stake in Cinemark by 104.8% in the 1st quarter. GHP Investment Advisors Inc. now owns 28,365 shares of the company's stock valued at $706,000 after buying an additional 14,518 shares in the last quarter. Franklin Resources Inc. lifted its stake in Cinemark by 25.0% in the 4th quarter. Franklin Resources Inc. now owns 70,964 shares of the company's stock valued at $2,198,000 after buying an additional 14,207 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Cinemark by 1,677.9% in the 1st quarter. GAMMA Investing LLC now owns 52,020 shares of the company's stock worth $1,295,000 after buying an additional 49,094 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CNK. Benchmark reissued a "buy" rating and set a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on Cinemark from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Barrington Research reissued an "outperform" rating and issued a $36.00 price objective on shares of Cinemark in a research note on Monday, May 5th. B. Riley assumed coverage on shares of Cinemark in a research note on Friday, May 16th. They set a "neutral" rating and a $35.00 target price on the stock. Finally, Wedbush raised shares of Cinemark from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $32.00 to $37.00 in a report on Friday, July 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, Cinemark currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Insider Activity

In related news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $33.01, for a total value of $825,250.00. Following the completion of the transaction, the insider directly owned 130,612 shares in the company, valued at approximately $4,311,502.12. This represents a 16.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Melissa Thomas sold 7,200 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $31.43, for a total value of $226,296.00. Following the sale, the executive vice president directly owned 210,968 shares of the company's stock, valued at approximately $6,630,724.24. This trade represents a 3.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,724 shares of company stock valued at $2,724,435. 2.30% of the stock is currently owned by company insiders.

Cinemark Stock Up 0.0%

NYSE CNK opened at $29.00 on Monday. The business's fifty day simple moving average is $31.17 and its 200-day simple moving average is $29.14. The company has a quick ratio of 0.76, a current ratio of 0.79 and a debt-to-equity ratio of 5.53. The firm has a market cap of $3.33 billion, a PE ratio of 19.08, a P/E/G ratio of 2.47 and a beta of 1.88. Cinemark Holdings Inc has a 52 week low of $21.17 and a 52 week high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $604.62 million. Cinemark had a net margin of 8.17% and a return on equity of 51.68%. Cinemark's revenue was down 6.6% compared to the same quarter last year. During the same period last year, the business earned $0.19 earnings per share. As a group, equities analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Thursday, May 29th. Cinemark's payout ratio is presently 21.05%.

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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