Teacher Retirement System of Texas Buys Shares of 16,100 Cinemark Holdings Inc (NYSE:CNK)

Teacher Retirement System of Texas bought a new stake in shares of Cinemark Holdings Inc (NYSE:CNK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 16,100 shares of the company’s stock, valued at approximately $401,000.

Other hedge funds have also recently modified their holdings of the company. New York State Teachers Retirement System raised its position in shares of Cinemark by 2.5% during the 1st quarter. New York State Teachers Retirement System now owns 101,388 shares of the company’s stock valued at $2,524,000 after buying an additional 2,450 shares in the last quarter. GHP Investment Advisors Inc. raised its position in Cinemark by 104.8% in the 1st quarter. GHP Investment Advisors Inc. now owns 28,365 shares of the company’s stock worth $706,000 after purchasing an additional 14,518 shares during the period. Ritholtz Wealth Management increased its position in shares of Cinemark by 18.8% during the first quarter. Ritholtz Wealth Management now owns 42,703 shares of the company’s stock worth $1,063,000 after acquiring an additional 6,750 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Cinemark by 215.4% during the first quarter. Assenagon Asset Management S.A. now owns 1,251,219 shares of the company’s stock valued at $31,143,000 after purchasing an additional 854,540 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cinemark by 1,677.9% in the first quarter. GAMMA Investing LLC now owns 52,020 shares of the company’s stock valued at $1,295,000 after acquiring an additional 49,094 shares in the last quarter.

Wall Street Analysts Forecast Growth

CNK has been the subject of a number of research analyst reports. B. Riley assumed coverage on shares of Cinemark in a report on Friday, May 16th. They issued a “neutral” rating and a $35.00 price target for the company. JPMorgan Chase & Co. raised their target price on shares of Cinemark from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Wedbush raised shares of Cinemark from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $32.00 to $37.00 in a report on Friday, July 11th. Roth Capital reduced their target price on shares of Cinemark from $36.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, July 9th. Finally, Benchmark reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Cinemark in a report on Wednesday, July 2nd. One investment 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. Based on data from MarketBeat, Cinemark currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Cinemark Stock Performance

Shares of CNK opened at $29.99 on Friday. 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 company has a market capitalization of $3.45 billion, a PE ratio of 19.73, a P/E/G ratio of 2.42 and a beta of 1.88. The company has a 50-day simple moving average of $31.36 and a 200-day simple moving average of $29.21. Cinemark Holdings Inc has a 52-week low of $21.13 and a 52-week high of $36.28.

Cinemark (NYSE:CNK) last released its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.32). The firm had revenue of $540.70 million during the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $0.19 earnings per share. Equities research analysts predict 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. Investors of record on Thursday, May 29th were issued a $0.08 dividend. The ex-dividend date was Thursday, May 29th. This represents a $0.32 annualized dividend and a yield of 1.07%. Cinemark’s dividend payout ratio is presently 21.05%.

Insider Activity at Cinemark

In related news, EVP Melissa Thomas sold 7,200 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were 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 $6,630,724.24. This represents a 3.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Valmir Fernandes sold 25,000 shares of the business’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $33.01, for a total transaction of $825,250.00. Following the sale, the insider owned 130,612 shares of the company’s stock, valued at approximately $4,311,502.12. The trade was a 16.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,724 shares of company stock valued at $2,724,435 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.

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.