Cinemark Holdings Inc $CNK Holdings Cut by Geode Capital Management LLC

Geode Capital Management LLC cut its stake in shares of Cinemark Holdings Inc (NYSE:CNK) by 4.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,411,434 shares of the company’s stock after selling 104,364 shares during the quarter. Geode Capital Management LLC owned approximately 2.10% of Cinemark worth $72,786,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CNK. AlphaQuest LLC grew its stake in Cinemark by 169.6% during the 2nd quarter. AlphaQuest LLC now owns 33,673 shares of the company’s stock worth $1,016,000 after buying an additional 21,184 shares during the last quarter. Intech Investment Management LLC lifted its stake in Cinemark by 52.0% in the first quarter. Intech Investment Management LLC now owns 94,133 shares of the company’s stock valued at $2,343,000 after buying an additional 32,190 shares during the last quarter. Inspire Investing LLC boosted its holdings in shares of Cinemark by 605.1% during the first quarter. Inspire Investing LLC now owns 102,936 shares of the company’s stock valued at $2,562,000 after acquiring an additional 88,338 shares during the period. Dark Forest Capital Management LP boosted its holdings in shares of Cinemark by 2,933.6% during the first quarter. Dark Forest Capital Management LP now owns 240,749 shares of the company’s stock valued at $5,992,000 after acquiring an additional 232,813 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Cinemark by 106.9% during the second quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock worth $78,147,000 after acquiring an additional 1,338,153 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Roth Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of Cinemark in a research report on Wednesday, November 5th. Wall Street Zen raised Cinemark from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cinemark in a research report on Wednesday. Barrington Research reissued an “outperform” rating and issued a $36.00 price objective on shares of Cinemark in a report on Tuesday, September 23rd. Finally, Zacks Research raised Cinemark from a “strong sell” rating to a “hold” rating in a research note on Friday, October 3rd. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.30.

Cinemark Trading Up 1.4%

Shares of NYSE:CNK opened at $29.47 on Friday. The company has a 50 day moving average of $27.84 and a 200-day moving average of $28.79. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The firm has a market cap of $3.46 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.96 and a beta of 1.69. Cinemark Holdings Inc has a twelve month low of $23.12 and a twelve month high of $36.28.

Cinemark (NYSE:CNK) last announced its earnings results on Wednesday, November 5th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.04). The firm had revenue of $857.50 million for the quarter, compared to the consensus estimate of $851.47 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.Cinemark’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 EPS. As a group, analysts anticipate that Cinemark Holdings Inc will post 1.93 earnings per share for the current fiscal year.

Cinemark Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.2%. This is a positive change from Cinemark’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, November 28th. Cinemark’s payout ratio is currently 34.62%.

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.