Park West Asset Management LLC Takes $40.71 Million Position in Cinemark Holdings Inc $CNK

Park West Asset Management LLC acquired a new stake in shares of Cinemark Holdings Inc (NYSE:CNK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,282,904 shares of the company’s stock, valued at approximately $40,707,000. Cinemark comprises approximately 2.8% of Park West Asset Management LLC’s investment portfolio, making the stock its 16th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNK. BlackRock Inc. bought a new position in Cinemark in the second quarter valued at about $530,855,000. Orbis Allan Gray Ltd grew its position in Cinemark by 31.0% during the fourth quarter. Orbis Allan Gray Ltd now owns 15,057,911 shares of the company’s stock valued at $349,946,000 after buying an additional 3,563,810 shares during the period. Wellington Management Group LLP grew its stake in shares of Cinemark by 8.4% during the 4th quarter. Wellington Management Group LLP now owns 9,536,900 shares of the company’s stock valued at $221,638,000 after acquiring an additional 742,307 shares during the period. Lavaca Capital LLC bought a new position in shares of Cinemark in the fourth quarter worth approximately $133,045,000. Finally, State Street Corp increased its stake in shares of Cinemark by 1.5% in the fourth quarter. State Street Corp now owns 3,950,606 shares of the company’s stock worth $91,812,000 after purchasing an additional 60,176 shares in the last quarter.

Cinemark Stock Performance

NYSE CNK opened at $37.06 on Thursday. The company has a market cap of $4.30 billion, a P/E ratio of 21.93 and a beta of 1.00. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.81 and a current ratio of 0.84. The business’s 50 day moving average price is $33.99 and its 200-day moving average price is $30.23. Cinemark Holdings Inc has a fifty-two week low of $21.60 and a fifty-two week high of $38.98.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.03 billion. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.Cinemark’s revenue was up 15.5% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. Sell-side analysts predict that Cinemark Holdings Inc will post 2.36 earnings per share for the current year.

Cinemark Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. Cinemark’s payout ratio is currently 21.30%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CNK. Zacks Research upgraded shares of Cinemark from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Benchmark upped their price target on Cinemark from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wells Fargo & Company lifted their price objective on shares of Cinemark from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Morgan Stanley set a $40.00 price target on shares of Cinemark in a report on Wednesday, July 29th. Finally, Roth Capital set a $40.00 price objective on shares of Cinemark in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.93.

Cinemark Company Profile

Cinemark Holdings, Inc (NYSE: CNK) is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company’s core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark’s exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company’s product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.