Elequin Capital LP Grows Stock Position in Cinemark Holdings, Inc. (NYSE:CNK)

Elequin Capital LP increased its holdings in Cinemark Holdings, Inc. (NYSE:CNK) by 211.6% in the 4th quarter, HoldingsChannel reports. The fund owned 997 shares of the company’s stock after purchasing an additional 677 shares during the quarter. Elequin Capital LP’s holdings in Cinemark were worth $31,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its stake in shares of Cinemark by 402.4% in the 4th quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company’s stock valued at $32,000 after purchasing an additional 825 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in Cinemark by 380.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company’s stock valued at $59,000 after buying an additional 1,501 shares during the last quarter. R Squared Ltd purchased a new position in Cinemark during the fourth quarter worth about $63,000. Quarry LP increased its position in shares of Cinemark by 41.8% during the fourth quarter. Quarry LP now owns 2,114 shares of the company’s stock valued at $65,000 after acquiring an additional 623 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Cinemark by 198.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,320 shares of the company’s stock valued at $103,000 after acquiring an additional 2,207 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CNK. Morgan Stanley lowered their price objective on shares of Cinemark from $40.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, February 20th. Benchmark lowered their price target on Cinemark from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Barrington Research reiterated an “outperform” rating and issued a $36.00 price objective on shares of Cinemark in a report on Monday, May 5th. Wells Fargo & Company decreased their target price on Cinemark from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. lifted their target price on Cinemark from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cinemark has an average rating of “Moderate Buy” and an average target price of $33.20.

Insider Transactions at Cinemark

In related news, insider Wanda Marie Gierhart sold 9,119 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $27.00, for a total value of $246,213.00. Following the completion of the sale, the insider now directly owns 147,414 shares of the company’s stock, valued at $3,980,178. This represents a 5.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction that occurred 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 now directly owns 210,968 shares of the company’s stock, valued at $6,630,724.24. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Cinemark Stock Up 1.6%

CNK stock opened at $32.12 on Thursday. The company’s 50 day moving average price is $28.14 and its 200 day moving average price is $29.51. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 15.82 and a beta of 1.91. Cinemark Holdings, Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $36.28. The company has a debt-to-equity ratio of 3.28, a quick ratio of 0.96 and a current ratio of 1.01.

Cinemark (NYSE:CNK) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates of ($0.32). The company had revenue of $540.70 million for the quarter, compared to the consensus estimate of $604.62 million. Cinemark had a net margin of 10.16% and a return on equity of 65.83%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 EPS. On average, equities research analysts anticipate that Cinemark Holdings, Inc. will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Thursday, May 29th. Cinemark’s dividend payout ratio is presently 21.05%.

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.