Tidal Investments LLC Sells 27,757 Shares of Cinemark Holdings, Inc. (NYSE:CNK)
Tidal Investments LLC reduced its stake in Cinemark Holdings, Inc. (NYSE:CNK) by 53.1% in Q4, selling 27,757 shares and holding 24,533 shares valued at $760,000. Other investors like LPL Financial and QRG Capital Management also adjusted their positions. Analysts have set new price targets for Cinemark, with a consensus rating of "Moderate Buy" and a target price of $33.20. Cinemark's stock opened at $32.50, with a market cap of $3.74 billion and a recent earnings report showing a net margin of 10.16%.
Tidal Investments LLC cut its holdings in shares of Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 53.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,533 shares of the company's stock after selling 27,757 shares during the period. Tidal Investments LLC's holdings in Cinemark were worth $760,000 at the end of the most recent reporting period.
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Other institutional investors and hedge funds also recently made changes to their positions in the company. LPL Financial LLC raised its stake in shares of Cinemark by 6.8% in the fourth quarter. LPL Financial LLC now owns 8,722 shares of the company's stock worth $270,000 after purchasing an additional 556 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Cinemark by 3.2% during the fourth quarter. QRG Capital Management Inc. now owns 17,730 shares of the company's stock worth $549,000 after buying an additional 557 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in Cinemark by 3.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 16,270 shares of the company's stock valued at $504,000 after buying an additional 591 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in Cinemark by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,546 shares of the company's stock valued at $358,000 after acquiring an additional 618 shares in the last quarter. Finally, Quarry LP lifted its stake in Cinemark by 41.8% during the 4th quarter. Quarry LP now owns 2,114 shares of the company's stock valued at $65,000 after acquiring an additional 623 shares in the last quarter.
Analysts Set New Price Targets
A number of research firms recently weighed in on CNK. Benchmark dropped their price target on shares of Cinemark from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Macquarie reissued an "outperform" rating and set a $35.00 target price on shares of Cinemark in a research report on Thursday, February 20th. Wells Fargo & Company cut their target price on Cinemark from $38.00 to $36.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley decreased their price target on Cinemark from $40.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, February 20th. Finally, B. Riley started coverage on Cinemark in a research report on Friday, May 16th. They issued a "neutral" rating and a $35.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.20.
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Check Out Our Latest Research Report on Cinemark
Cinemark Price Performance
Cinemark stock opened at $32.50 on Tuesday. The business has a 50-day simple moving average of $28.57 and a 200 day simple moving average of $29.53. Cinemark Holdings, Inc. has a 52 week low of $16.32 and a 52 week high of $36.28. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 16.01 and a beta of 1.91. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 3.28.
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Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Cinemark had a net margin of 10.16% and a return on equity of 65.83%. The company had revenue of $540.70 million for the quarter, compared to analysts' expectations of $604.62 million. During the same period in the prior year, the business earned $0.19 earnings per share. Cinemark's revenue for the quarter was down 6.6% compared to the same quarter last year. On average, research analysts forecast that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current fiscal year.
Cinemark Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Thursday, May 29th. Cinemark's dividend payout ratio is currently 21.05%.
Insider Activity at Cinemark
In other news, EVP Melissa Thomas sold 7,200 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $31.43, for a total transaction of $226,296.00. Following the transaction, the executive vice president now directly owns 210,968 shares in the company, valued at approximately $6,630,724.24. This represents a 3.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is owned by insiders.
Cinemark Company Profile
(Free Report)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.
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