Allspring Global Investments Holdings LLC Decreases Stake in Cinemark Holdings Inc (NYSE:CNK)

Allspring Global Investments Holdings LLC cut its holdings in Cinemark Holdings Inc (NYSE:CNK) by 56.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,321 shares of the company’s stock after selling 49,110 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cinemark were worth $954,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Elequin Capital LP boosted its position in Cinemark by 211.6% during the fourth quarter. Elequin Capital LP now owns 997 shares of the company’s stock worth $31,000 after purchasing an additional 677 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Cinemark by 402.4% during the fourth quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company’s stock worth $32,000 after acquiring an additional 825 shares during the last quarter. Aster Capital Management DIFC Ltd increased its stake in Cinemark by 380.0% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company’s stock worth $59,000 after acquiring an additional 1,501 shares during the last quarter. Quarry LP increased its stake in Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company’s stock worth $65,000 after acquiring an additional 623 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new stake in Cinemark during the fourth quarter worth about $183,000.

Insiders Place Their Bets

In other news, insider Wanda Marie Gierhart sold 52,524 shares of Cinemark stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $31.85, for a total value of $1,672,889.40. Following the transaction, the insider directly owned 94,890 shares in the company, valued at approximately $3,022,246.50. The trade was a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of Cinemark stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $31.43, for a total value of $226,296.00. Following the completion of the transaction, the executive vice president owned 210,968 shares in the company, valued at $6,630,724.24. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,724 shares of company stock valued at $2,724,435 over the last quarter. Insiders own 2.30% of the company’s stock.

Cinemark Stock Performance

Shares of NYSE CNK opened at $30.59 on Wednesday. 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 stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 1.79 and a beta of 1.88. The stock’s fifty day simple moving average is $31.42 and its 200 day simple moving average is $29.23. Cinemark Holdings Inc has a 52-week low of $20.43 and a 52-week high of $36.28.

Cinemark (NYSE:CNK) last issued its earnings results on Friday, May 2nd. The company reported ($0.32) EPS for the quarter, hitting the consensus estimate of ($0.32). The business had revenue of $540.70 million during the quarter, compared to analysts’ expectations of $604.62 million. Cinemark had a return on equity of 51.68% and a net margin of 8.17%. Cinemark’s revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 earnings per share. As a group, sell-side analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share 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 given a $0.08 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.05%. Cinemark’s dividend payout ratio is currently 21.05%.

Wall Street Analysts Forecast Growth

CNK has been the subject of several analyst reports. B. Riley assumed coverage on Cinemark in a research report on Friday, May 16th. They issued a “neutral” rating and a $35.00 target price for the company. Benchmark reaffirmed a “buy” rating and set a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. Wedbush reiterated a “neutral” rating and set a $32.00 price target on shares of Cinemark in a research report on Monday, April 28th. JPMorgan Chase & Co. increased 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. Finally, Barrington Research reaffirmed an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.20.

Cinemark 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.