Legal & General Group Plc Buys Shares of 242,049 Cinemark Holdings Inc $CNK

Legal & General Group Plc purchased a new stake in Cinemark Holdings Inc (NYSE:CNK) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 242,049 shares of the company’s stock, valued at approximately $7,680,000.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Cinemark during the 2nd quarter worth $530,855,000. Lavaca Capital LLC bought a new position in Cinemark in the fourth quarter valued at about $133,045,000. Orbis Allan Gray Ltd raised its stake in Cinemark by 31.0% during the fourth quarter. Orbis Allan Gray Ltd now owns 15,057,911 shares of the company’s stock worth $349,946,000 after acquiring an additional 3,563,810 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Cinemark during the fourth quarter worth about $55,296,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Cinemark by 12,759.3% in the fourth quarter. Victory Capital Management Inc. now owns 2,026,245 shares of the company’s stock worth $47,090,000 after acquiring an additional 2,010,488 shares during the last quarter.

Cinemark Trading Down 2.4%

Shares of CNK stock opened at $34.76 on Wednesday. Cinemark Holdings Inc has a 1-year low of $21.60 and a 1-year high of $38.98. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 3.87. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 20.57 and a beta of 0.98. The stock has a 50-day moving average of $34.15 and a 200-day moving average of $30.51.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the firm earned $0.63 earnings per share. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. On average, equities research analysts forecast 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. Stockholders of record on Wednesday, August 26th will be given a $0.09 dividend. The ex-dividend date 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 21.30%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CNK shares. Moffett Nathanson reaffirmed a “buy” rating and set a $40.00 price target on shares of Cinemark in a report on Thursday, July 30th. Wells Fargo & Company increased their price objective on shares of Cinemark from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. B. Riley Financial boosted their target price on shares of Cinemark from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Cinemark from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Zacks Research upgraded Cinemark from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Cinemark presently has an average rating of “Moderate Buy” and an average price target of $37.93.

About Cinemark

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.