Redwood Investment Management LLC Has $467,000 Holdings in Cinemark Holdings, Inc. (NYSE:CNK)

Redwood Investment Management LLC trimmed its position in shares of Cinemark Holdings, Inc. (NYSE:CNK) by 16.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,086 shares of the company’s stock after selling 2,888 shares during the period. Redwood Investment Management LLC’s holdings in Cinemark were worth $467,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Cinemark by 100.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company’s stock valued at $127,159,000 after purchasing an additional 2,054,579 shares during the period. Candlestick Capital Management LP lifted its position in shares of Cinemark by 48.1% in the fourth quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company’s stock valued at $152,782,000 after buying an additional 1,601,537 shares during the last quarter. Man Group plc acquired a new position in shares of Cinemark during the 4th quarter worth approximately $28,040,000. Norges Bank bought a new stake in Cinemark in the 4th quarter valued at $25,623,000. Finally, Wealthfront Advisers LLC acquired a new stake in Cinemark during the 4th quarter valued at $13,704,000.

Insiders Place Their Bets

In other news, insider Wanda Marie Gierhart sold 9,119 shares of Cinemark stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $27.00, for a total value of $246,213.00. Following the completion of the transaction, the insider now owns 147,414 shares in the company, valued at approximately $3,980,178. The trade was a 5.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $31.43, for a total value of $226,296.00. Following the sale, the executive vice president now owns 210,968 shares in the company, valued at $6,630,724.24. The trade was a 3.30% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Cinemark Price Performance

CNK opened at $31.82 on Friday. The stock has a 50-day moving average price of $27.51 and a 200-day moving average price of $29.46. The company has a debt-to-equity ratio of 3.28, a current ratio of 1.01 and a quick ratio of 0.96. Cinemark Holdings, Inc. has a 1 year low of $16.32 and a 1 year high of $36.28. The firm has a market cap of $3.66 billion, a PE ratio of 15.67 and a beta of 1.91.

Cinemark (NYSE:CNK) last released its earnings results on Friday, May 2nd. The company reported ($0.32) earnings per share for the quarter, meeting the consensus estimate of ($0.32). The company had revenue of $540.70 million for the quarter, compared to the consensus estimate of $604.62 million. Cinemark had a return on equity of 65.83% and a net margin of 10.16%. Cinemark’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 earnings per share. Sell-side analysts predict that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current fiscal year.

Cinemark Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 29th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.01%. The ex-dividend date is Thursday, May 29th. Cinemark’s dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CNK. Benchmark lowered their price target on shares of Cinemark from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Wells Fargo & Company decreased their price target on shares of Cinemark from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Wedbush restated a “neutral” rating and set a $32.00 target price on shares of Cinemark in a research report on Monday, April 28th. JPMorgan Chase & Co. increased their price target on Cinemark from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Finally, B. Riley started coverage on Cinemark in a research note on Friday. They issued a “neutral” rating and a $35.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.20.

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.