Cinemark Holdings Inc (NYSE:CNK) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in Cinemark Holdings Inc (NYSE:CNK) by 16.4% during the 1st quarter, HoldingsChannel.com reports. 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’s holdings in Cinemark were worth $17,272,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Elequin Capital LP lifted its holdings in shares of Cinemark by 211.6% in the 4th quarter. Elequin Capital LP now owns 997 shares of the company’s stock worth $31,000 after acquiring an additional 677 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Cinemark by 402.4% during the 4th quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company’s stock worth $32,000 after buying an additional 825 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its holdings in Cinemark by 380.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company’s stock worth $59,000 after buying an additional 1,501 shares in the last quarter. Quarry LP lifted its holdings in Cinemark by 41.8% during the 4th quarter. Quarry LP now owns 2,114 shares of the company’s stock worth $65,000 after buying an additional 623 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new stake in Cinemark during the 4th quarter worth approximately $183,000.

Cinemark Trading Up 0.8%

Shares of Cinemark stock opened at $30.23 on Friday. Cinemark Holdings Inc has a 1 year low of $21.17 and a 1 year high of $36.28. The company has a debt-to-equity ratio of 5.53, a quick ratio of 0.76 and a current ratio of 0.79. The company has a market capitalization of $3.48 billion, a P/E ratio of 19.89, a PEG ratio of 2.42 and a beta of 1.88. The company’s fifty day moving average is $31.34 and its two-hundred day moving average is $29.20.

Cinemark (NYSE:CNK) last issued its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share 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 business had revenue of $540.70 million for the quarter, compared to the consensus estimate of $604.62 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. Analysts forecast that Cinemark Holdings Inc will post 1.93 earnings per share for the current year.

Cinemark Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Thursday, May 29th. Cinemark’s payout ratio is currently 21.05%.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of the business’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 value of $825,250.00. Following the completion of the transaction, the insider owned 130,612 shares of the company’s stock, valued at $4,311,502.12. The trade was a 16.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of the business’s 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 transaction, the executive vice president directly owned 210,968 shares of the company’s stock, valued at approximately $6,630,724.24. This represents a 3.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,724 shares of company stock worth $2,724,435. Insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CNK shares. Benchmark reiterated a “buy” rating and set a $35.00 target price on shares of Cinemark in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Cinemark in a report on Thursday, July 10th. They issued a “buy” rating and a $36.00 price objective on the stock. Barrington Research restated an “outperform” rating and issued a $36.00 price objective on shares of Cinemark in a report on Monday, May 5th. Roth Capital reduced their price objective on shares of Cinemark from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, July 9th. Finally, Wedbush upgraded shares of Cinemark from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $32.00 to $37.00 in a report on Friday, July 11th. One equities research 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’s stock. According to data from MarketBeat.com, Cinemark presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Cinemark Company 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.