Bank of New York Mellon Corp Cuts Stake in Cinemark Holdings Inc (NYSE:CNK)

Bank of New York Mellon Corp cut its stake in shares of Cinemark Holdings Inc (NYSE:CNK) by 16.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 693,941 shares of the company’s stock after selling 136,450 shares during the quarter. Bank of New York Mellon Corp owned about 0.59% of Cinemark worth $17,272,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of 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 buying an additional 18,645 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in shares of Cinemark by 26.9% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 152,400 shares of the company’s stock valued at $4,722,000 after buying an additional 32,310 shares during the last quarter. GHP Investment Advisors Inc. lifted its position in Cinemark by 104.8% during the first quarter. GHP Investment Advisors Inc. now owns 28,365 shares of the company’s stock valued at $706,000 after purchasing an additional 14,518 shares during the period. Franklin Resources Inc. lifted its position in Cinemark by 25.0% during the fourth quarter. Franklin Resources Inc. now owns 70,964 shares of the company’s stock valued at $2,198,000 after purchasing an additional 14,207 shares during the period. Finally, GAMMA Investing LLC lifted its position in Cinemark by 1,677.9% during the first quarter. GAMMA Investing LLC now owns 52,020 shares of the company’s stock valued at $1,295,000 after purchasing an additional 49,094 shares during the period.

Cinemark Stock Up 0.8%

Shares of NYSE CNK opened at $30.23 on Friday. Cinemark Holdings Inc has a 12-month low of $21.17 and a 12-month high of $36.28. The stock has a market cap of $3.48 billion, a PE ratio of 19.89, a P/E/G ratio of 2.42 and a beta of 1.88. The company has a current ratio of 0.79, a quick ratio of 0.76 and a debt-to-equity ratio of 5.53. The company has a 50-day moving average of $31.34 and a 200 day moving average of $29.20.

Cinemark (NYSE:CNK) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.32). Cinemark had a net margin of 8.17% and a return on equity of 51.68%. The company had revenue of $540.70 million during the quarter, compared to analysts’ expectations of $604.62 million. During the same quarter in the prior year, the company earned $0.19 EPS. Cinemark’s revenue was down 6.6% compared to the same quarter last year. As a group, sell-side analysts predict that Cinemark Holdings Inc will post 1.93 EPS for the current fiscal 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 paid a $0.08 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.32 annualized dividend and a dividend yield of 1.06%. Cinemark’s dividend payout ratio (DPR) is 21.05%.

Insider Activity

In other news, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $31.85, for a total value of $1,672,889.40. Following the completion of the sale, the insider owned 94,890 shares of the company’s stock, valued at $3,022,246.50. This represents a 35.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $31.43, for a total transaction of $226,296.00. Following the completion of 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. Insiders sold a total of 84,724 shares of company stock valued at $2,724,435 in the last 90 days. Company insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CNK shares. Benchmark restated a “buy” rating and set a $35.00 target price on shares of Cinemark in a research report on Wednesday, July 2nd. Barrington Research restated an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research report on Monday, May 5th. Wedbush upgraded shares of Cinemark from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $32.00 to $37.00 in a research report on Friday, July 11th. JPMorgan Chase & Co. upped their price objective on shares of Cinemark from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Cinemark in a research report on Thursday, July 10th. They issued a “buy” rating and a $36.00 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cinemark presently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

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.