Investors Sell Shares of Cinemark (CNK) on Strength (CNK)
Investors sold shares of Cinemark Holdings, Inc. (NYSE:CNK) on strength during trading hours on Wednesday. $7.76 million flowed into the stock on the tick-up and $16.38 million flowed out of the stock on the tick-down, for a money net flow of $8.62 million out of the stock. Of all companies tracked, Cinemark had the 0th highest net out-flow for the day. Cinemark traded up $0.29 for the day and closed at $38.46
A number of equities analysts have commented on CNK shares. Morgan Stanley boosted their price target on shares of Cinemark from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 18th. ValuEngine raised shares of Cinemark from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Wedbush set a $43.00 price target on shares of Cinemark and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Zacks Investment Research cut shares of Cinemark from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 16th. Finally, B. Riley cut their price target on shares of Cinemark from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, November 5th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Cinemark presently has an average rating of “Buy” and an average price target of $43.90.
The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 1.25 and a beta of 0.79. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.20 and a current ratio of 1.24.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 18th. Stockholders of record on Tuesday, December 4th will be issued a $0.32 dividend. The ex-dividend date is Monday, December 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.33%. Cinemark’s payout ratio is 56.64%.
In other news, CFO Sean Gamble sold 7,468 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $40.90, for a total value of $305,441.20. Following the completion of the sale, the chief financial officer now directly owns 92,673 shares in the company, valued at approximately $3,790,325.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 8.90% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CNK. Canada Pension Plan Investment Board bought a new stake in Cinemark during the 3rd quarter valued at $22,637,000. Millennium Management LLC raised its holdings in Cinemark by 3,107.6% during the 2nd quarter. Millennium Management LLC now owns 500,840 shares of the company’s stock valued at $17,569,000 after buying an additional 485,226 shares during the last quarter. Ceredex Value Advisors LLC raised its holdings in Cinemark by 31.7% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,768,985 shares of the company’s stock valued at $71,113,000 after buying an additional 425,985 shares during the last quarter. Macquarie Group Ltd. raised its holdings in Cinemark by 28.3% during the 2nd quarter. Macquarie Group Ltd. now owns 1,701,239 shares of the company’s stock valued at $59,679,000 after buying an additional 374,814 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Cinemark during the 3rd quarter valued at $14,134,000.
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About Cinemark (NYSE:CNK)
Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of October 15, 2018, it operated 539 theatres with 5,998 screens in 41 states of the United States, Brazil, Argentina, Chile, and 12 other Latin American countries. The company was incorporated in 2006 and is headquartered in Plano, Texas.
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