Voya Investment Management LLC Trims Holdings in Cinemark Holdings Inc $CNK

Key Points

• Voya Investment Management LLC significantly reduced its stake in Cinemark Holdings Inc by 99.6%, selling over 8 million shares and retaining only 29,502 shares valued at approximately $734,000.
• A variety of other institutional investors, including CWM LLC and Russell Investments Group Ltd., made adjustments to their positions in Cinemark during the same period, showing a mix of increased and decreased stakes.
• Wall Street analysts maintain a generally positive outlook on Cinemark, with ten analysts rating it as a "Buy" and a median price target of $34.91 despite the company missing earnings expectations in its recent report.

Voya Investment Management LLC decreased its stake in shares of Cinemark Holdings Inc (NYSE:CNK - Free Report) by 99.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,502 shares of the company's stock after selling 8,253,707 shares during the quarter. Voya Investment Management LLC's holdings in Cinemark were worth $734,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. CWM LLC lifted its position in Cinemark by 20.6% during the first quarter. CWM LLC now owns 6,548 shares of the company's stock worth $163,000 after buying an additional 1,118 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cinemark by 7.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the company's stock valued at $751,000 after purchasing an additional 2,199 shares during the period. New York State Teachers Retirement System raised its position in Cinemark by 2.5% in the first quarter. New York State Teachers Retirement System now owns 101,388 shares of the company's stock valued at $2,524,000 after purchasing an additional 2,450 shares during the period. Russell Investments Group Ltd. raised its position in Cinemark by 242.9% in the first quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after purchasing an additional 2,502 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cinemark by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,699 shares of the company's stock valued at $1,635,000 after purchasing an additional 2,872 shares during the period.

Insider Buying and Selling

In related news, EVP Melissa Thomas sold 7,200 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $25.17, for a total transaction of $181,224.00. Following the completion of the transaction, the executive vice president directly owned 203,768 shares of the company's stock, valued at $5,128,840.56. The trade was a 3.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company restated an "overweight" rating and issued a $33.00 target price (down previously from $36.00) on shares of Cinemark in a research report on Monday, August 4th. Barrington Research restated an "outperform" rating and issued a $36.00 target price on shares of Cinemark in a research report on Tuesday. Benchmark restated a "buy" rating and issued a $35.00 target price on shares of Cinemark in a research report on Wednesday, July 2nd. Wall Street Zen upgraded Cinemark from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Cinemark in a research report on Thursday, July 10th. They issued a "buy" rating and a $36.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Cinemark currently has an average rating of "Moderate Buy" and a consensus price target of $34.91.

Cinemark Price Performance

CNK stock opened at $28.48 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The company has a market capitalization of $3.28 billion, a PE ratio of 15.56, a P/E/G ratio of 2.04 and a beta of 1.85. Cinemark Holdings Inc has a 12-month low of $23.12 and a 12-month high of $36.28. The business's fifty day moving average price is $27.00 and its 200 day moving average price is $28.54.

Cinemark (NYSE:CNK - Get Free Report) last released its earnings results on Friday, August 1st. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.15). Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The company had revenue of $940.50 million for the quarter, compared to analyst estimates of $942.14 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The company's revenue for the quarter was up 28.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 27th. Cinemark's payout ratio is presently 17.49%.

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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