KLP Kapitalforvaltning AS Increases Holdings in Cinemark Holdings Inc $CNK

KLP Kapitalforvaltning AS lifted its position in shares of Cinemark Holdings Inc (NYSE:CNK) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,200 shares of the company’s stock after acquiring an additional 3,500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Cinemark were worth $1,032,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Cinemark by 66.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,474 shares of the company’s stock worth $105,000 after acquiring an additional 1,384 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Cinemark by 242.9% during the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company’s stock worth $88,000 after purchasing an additional 2,502 shares during the last quarter. CWM LLC raised its position in shares of Cinemark by 20.6% during the 1st quarter. CWM LLC now owns 6,548 shares of the company’s stock worth $163,000 after purchasing an additional 1,118 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new position in shares of Cinemark during the 2nd quarter worth approximately $247,000. Finally, Twin Tree Management LP raised its position in shares of Cinemark by 2,790.7% during the 1st quarter. Twin Tree Management LP now owns 8,354 shares of the company’s stock worth $208,000 after purchasing an additional 8,065 shares during the last quarter.

Cinemark Trading Up 3.5%

CNK stock opened at $27.08 on Thursday. The business has a fifty day simple moving average of $26.76 and a 200-day simple moving average of $28.72. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 4.32. Cinemark Holdings Inc has a 52 week low of $23.12 and a 52 week high of $36.28. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.88 and a beta of 1.75.

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

Cinemark Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, August 27th were given 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 was Wednesday, August 27th. Cinemark’s dividend payout ratio is 17.49%.

Wall Street Analyst Weigh In

CNK has been the subject of several research reports. Wedbush upgraded Cinemark from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $32.00 to $37.00 in a research report on Friday, July 11th. Wall Street Zen upgraded Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Wells Fargo & Company reiterated an “overweight” rating and issued a $33.00 price target (down from $36.00) on shares of Cinemark in a report on Monday, August 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cinemark in a report on Wednesday, October 8th. Finally, Roth Capital cut their price target on Cinemark from $36.00 to $34.00 and set a “buy” rating for the company in a report on Monday, August 4th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Cinemark presently has an average rating of “Moderate Buy” and an average target price of $35.40.

Insiders Place Their Bets

In related news, EVP Melissa Thomas sold 7,200 shares of the company’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $25.17, for a total transaction of $181,224.00. Following the completion of the sale, the executive vice president directly owned 203,768 shares of the company’s stock, valued at approximately $5,128,840.56. This represents a 3.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company’s stock.

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.