Victory Capital Management Inc. Lowers Stock Position in Cinemark Holdings, Inc. (NYSE:CNK)

Victory Capital Management Inc. reduced its stake in shares of Cinemark Holdings, Inc. (NYSE:CNK) by 38.4% during the third quarter, Holdings Channel reports. The institutional investor owned 1,572,379 shares of the company’s stock after selling 978,440 shares during the period. Victory Capital Management Inc.’s holdings in Cinemark were worth $43,775,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Arizona State Retirement System lifted its holdings in Cinemark by 1.8% in the 2nd quarter. Arizona State Retirement System now owns 30,636 shares of the company’s stock worth $662,000 after purchasing an additional 556 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Cinemark by 0.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 122,908 shares of the company’s stock worth $2,209,000 after acquiring an additional 612 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Cinemark by 38.7% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock worth $68,000 after acquiring an additional 877 shares during the last quarter. GAMMA Investing LLC increased its stake in Cinemark by 106.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock worth $56,000 after acquiring an additional 1,040 shares during the last quarter. Finally, QRG Capital Management Inc. increased its stake in Cinemark by 5.9% in the 2nd quarter. QRG Capital Management Inc. now owns 20,557 shares of the company’s stock worth $444,000 after acquiring an additional 1,148 shares during the last quarter.

Insider Buying and Selling

In related news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total transaction of $817,000.00. Following the transaction, the insider now directly owns 179,729 shares of the company’s stock, valued at $5,873,543.72. This represents a 12.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. B. Riley downgraded Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 target price on the stock. in a research report on Tuesday, August 27th. Wells Fargo & Company boosted their target price on Cinemark from $31.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Barrington Research raised Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research report on Thursday, October 31st. StockNews.com raised Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, November 10th. Finally, Morgan Stanley boosted their target price on Cinemark from $29.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cinemark currently has a consensus rating of “Moderate Buy” and an average price target of $30.80.

Cinemark Price Performance

CNK opened at $31.84 on Friday. The business has a fifty day moving average of $28.87 and a 200 day moving average of $24.00. Cinemark Holdings, Inc. has a 52-week low of $13.19 and a 52-week high of $33.11. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.46. The stock has a market cap of $3.90 billion, a P/E ratio of 20.54, a PEG ratio of 1.59 and a beta of 2.35.

Cinemark (NYSE:CNK) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.61. The firm had revenue of $921.80 million during the quarter, compared to analysts’ expectations of $894.90 million. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 EPS. As a group, sell-side analysts anticipate that Cinemark Holdings, Inc. will post 2 EPS for the current year.

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.