Prudential Financial Inc. Sells 192,670 Shares of Cinemark Holdings Inc $CNK

Prudential Financial Inc. lowered its stake in shares of Cinemark Holdings Inc (NYSE:CNK) by 64.5% in the second quarter, Holdings Channel reports. The institutional investor owned 105,888 shares of the company’s stock after selling 192,670 shares during the period. Prudential Financial Inc.’s holdings in Cinemark were worth $3,196,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cinemark by 7.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the company’s stock worth $751,000 after acquiring an additional 2,199 shares in the last quarter. Nuveen LLC bought a new stake in Cinemark during the first quarter valued at about $32,297,000. Independent Advisor Alliance purchased a new position in Cinemark in the first quarter valued at about $1,532,000. Public Sector Pension Investment Board raised its holdings in Cinemark by 27.3% in the first quarter. Public Sector Pension Investment Board now owns 338,623 shares of the company’s stock worth $8,428,000 after purchasing an additional 72,564 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Cinemark by 242.9% during the first quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company’s stock valued at $88,000 after buying an additional 2,502 shares during the last quarter.

Cinemark Price Performance

Shares of CNK opened at $25.23 on Wednesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.76 and a quick ratio of 0.72. The company’s fifty day moving average price is $27.69 and its 200-day moving average price is $28.58. Cinemark Holdings Inc has a 1-year low of $23.12 and a 1-year high of $36.07. The firm has a market capitalization of $2.96 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 2.54 and a beta of 1.10.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The firm had revenue of $857.50 million for the quarter, compared to analyst estimates of $851.47 million. Cinemark had a return on equity of 34.33% and a net margin of 4.93%.The business’s revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. On average, equities research analysts predict that Cinemark Holdings Inc will post 1.93 EPS for the current year.

Cinemark Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Cinemark’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, November 28th. Cinemark’s dividend payout ratio is presently 34.62%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cinemark in a research report on Monday. Roth Capital restated a “buy” rating and issued a $35.00 target price on shares of Cinemark in a research note on Wednesday, November 5th. Wall Street Zen raised Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Zacks Research upgraded Cinemark from a “strong sell” rating to a “hold” rating in a report on Friday, October 3rd. Finally, JPMorgan Chase & Co. dropped their target price on Cinemark from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.30.

Cinemark Profile

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.