Maryland State Retirement & Pension System Lowers Position in Cinemark Holdings Inc (NYSE:CNK)

Maryland State Retirement & Pension System decreased its position in Cinemark Holdings Inc (NYSE:CNK) by 12.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,186 shares of the company’s stock after selling 4,601 shares during the period. Maryland State Retirement & Pension System’s holdings in Cinemark were worth $776,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CNK. Candlestick Capital Management LP boosted its holdings in shares of Cinemark by 48.1% in the fourth quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company’s stock valued at $152,782,000 after acquiring an additional 1,601,537 shares in the last quarter. Simcoe Capital Management LLC purchased a new stake in shares of Cinemark in the fourth quarter valued at about $37,763,000. Man Group plc purchased a new stake in shares of Cinemark in the fourth quarter valued at about $28,040,000. Assenagon Asset Management S.A. boosted its holdings in shares of Cinemark by 215.4% in the first quarter. Assenagon Asset Management S.A. now owns 1,251,219 shares of the company’s stock valued at $31,143,000 after acquiring an additional 854,540 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Cinemark by 14.5% in the fourth quarter. Marshall Wace LLP now owns 3,124,834 shares of the company’s stock valued at $96,807,000 after acquiring an additional 396,720 shares in the last quarter.

Insider Transactions at Cinemark

In other news, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $31.43, for a total value of $226,296.00. Following the completion of the sale, the executive vice president owned 210,968 shares of the company’s stock, valued at $6,630,724.24. This represents a 3.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 $3,022,246.50. The trade was a 35.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,724 shares of company stock valued at $2,724,435 over the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

CNK has been the topic of several analyst reports. Wedbush raised shares of Cinemark from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $32.00 to $37.00 in a report on Friday, July 11th. Roth Capital decreased their price objective on shares of Cinemark from $36.00 to $34.00 and set a “buy” rating on the stock in a report on Monday, August 4th. Barrington Research reissued an “outperform” rating and set a $36.00 price objective on shares of Cinemark in a report on Monday, August 4th. JPMorgan Chase & Co. boosted their price objective on shares of Cinemark from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Finally, Wall Street Zen raised shares of Cinemark from a “sell” rating to a “hold” rating in a report on Sunday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cinemark presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.67.

Cinemark Stock Performance

Shares of CNK opened at $25.39 on Wednesday. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.88 and a current ratio of 0.91. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.81 and a beta of 1.90. The company’s 50 day simple moving average is $29.58 and its 200 day simple moving average is $28.88. Cinemark Holdings Inc has a 1 year low of $23.12 and a 1 year high of $36.28.

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

Cinemark Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were given 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 1.3%. Cinemark’s dividend payout ratio is presently 17.49%.

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.