Vanguard Group Inc. Sells 215,417 Shares of Cinemark Holdings Inc $CNK

Vanguard Group Inc. lowered its holdings in shares of Cinemark Holdings Inc (NYSE:CNK) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,289,682 shares of the company’s stock after selling 215,417 shares during the period. Vanguard Group Inc. owned approximately 10.42% of Cinemark worth $305,890,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. XTX Topco Ltd boosted its stake in Cinemark by 198.1% during the first quarter. XTX Topco Ltd now owns 51,036 shares of the company’s stock worth $1,270,000 after acquiring an additional 33,913 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cinemark by 7.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the company’s stock worth $751,000 after acquiring an additional 2,199 shares in the last quarter. Assetmark Inc. bought a new stake in Cinemark during the first quarter worth about $3,587,000. Navellier & Associates Inc. purchased a new position in Cinemark in the first quarter worth about $1,255,000. Finally, Allianz Asset Management GmbH purchased a new position in Cinemark in the first quarter worth about $508,000.

Cinemark Stock Up 1.3%

CNK opened at $25.66 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 4.32. The firm has a 50 day moving average price of $29.22 and a 200-day moving average price of $28.81. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.83 and a beta of 1.90.

Cinemark (NYSE:CNK) last released its quarterly earnings data on Friday, August 1st. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.15). Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The company had revenue of $940.50 million for the quarter, compared to analysts’ expectations of $942.14 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The firm’s revenue for the quarter was up 28.1% on a year-over-year basis. Equities research analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, August 27th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 27th. Cinemark’s dividend payout ratio is currently 17.49%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Benchmark reaffirmed a “buy” rating and issued a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. Roth Capital decreased their target price on shares of Cinemark from $36.00 to $34.00 and set a “buy” rating for the company in a report on Monday, August 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Cinemark in a report on Thursday, July 10th. They issued a “buy” rating and a $36.00 target price for the company. B. Riley assumed coverage on shares of Cinemark in a report on Friday, May 16th. They issued a “neutral” rating and a $35.00 target price for the company. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $33.00 target price (down from $36.00) on shares of Cinemark in a report on Monday, August 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cinemark has a consensus rating of “Moderate Buy” and a consensus target price of $33.67.

Insider Buying and Selling

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 130,612 shares of the company’s stock, valued at approximately $4,311,502.12. This represents a 16.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wanda Marie Gierhart sold 52,524 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $31.85, for a total transaction of $1,672,889.40. Following the completion of the sale, the insider directly owned 94,890 shares of the company’s stock, valued at approximately $3,022,246.50. This trade represents a 35.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

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.