JPMorgan Chase & Co. Sells 2,538,901 Shares of Cinemark Holdings, Inc. (NYSE:CNK)

JPMorgan Chase & Co. cut its holdings in shares of Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 81.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 588,932 shares of the company's stock after selling 2,538,901 shares during the period. JPMorgan Chase & Co. owned approximately 0.48% of Cinemark worth $18,245,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Wealthfront Advisers LLC bought a new stake in shares of Cinemark during the 4th quarter valued at about $13,704,000. Hennessy Advisors Inc. increased its holdings in Cinemark by 13.8% during the fourth quarter. Hennessy Advisors Inc. now owns 1,989,300 shares of the company's stock valued at $61,629,000 after buying an additional 241,600 shares during the last quarter. Castellan Group bought a new position in Cinemark in the third quarter worth approximately $6,130,000. Amundi purchased a new position in shares of Cinemark during the 4th quarter worth $5,985,000. Finally, Pinnbrook Capital Management LP purchased a new position in shares of Cinemark during the 4th quarter worth $4,937,000.

Insiders Place Their Bets

In other news, insider Wanda Marie Gierhart sold 9,119 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $27.00, for a total transaction of $246,213.00. Following the transaction, the insider now owns 147,414 shares of the company's stock, valued at approximately $3,980,178. This represents a 5.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Cinemark Price Performance

NYSE CNK traded down $0.06 during trading on Thursday, hitting $27.98. 268,584 shares of the stock traded hands, compared to its average volume of 2,919,804. The company has a market capitalization of $3.30 billion, a P/E ratio of 13.80 and a beta of 2.07. The firm has a 50-day simple moving average of $26.60 and a 200-day simple moving average of $29.19. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 3.28. Cinemark Holdings, Inc. has a 12-month low of $16.32 and a 12-month high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). Cinemark had a net margin of 10.16% and a return on equity of 65.83%. The business had revenue of $814.30 million for the quarter, compared to analysts' expectations of $797.18 million. During the same quarter in the prior year, the company posted ($0.15) earnings per share. The firm's quarterly revenue was up 27.5% compared to the same quarter last year. As a group, analysts predict that Cinemark Holdings, Inc. will post 1.93 EPS for the current year.

Cinemark Dividend Announcement

The business also recently declared a -- dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, March 5th. Cinemark's payout ratio is presently 15.76%.

Analyst Upgrades and Downgrades

CNK has been the topic of a number of recent research reports. Benchmark decreased their target price on Cinemark from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Barrington Research reiterated an "outperform" rating and set a $40.00 price objective on shares of Cinemark in a research note on Wednesday, February 19th. JPMorgan Chase & Co. upgraded shares of Cinemark from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $30.00 to $34.00 in a research note on Friday, April 11th. Macquarie reissued an "outperform" rating and issued a $35.00 price objective on shares of Cinemark in a research note on Thursday, February 20th. Finally, Wedbush reaffirmed a "neutral" rating and issued a $32.00 target price on shares of Cinemark in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $33.10.

About Cinemark

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.