Park West Asset Management LLC purchased a new stake in shares of Cinemark Holdings Inc (NYSE:CNK – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,282,904 shares of the company’s stock, valued at approximately $40,707,000. Cinemark makes up 2.8% of Park West Asset Management LLC’s investment portfolio, making the stock its 16th largest position. Park West Asset Management LLC owned approximately 1.11% of Cinemark at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CNK. EverSource Wealth Advisors LLC grew its position in Cinemark by 118.5% during the second quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock valued at $28,000 after acquiring an additional 507 shares during the last quarter. Leonteq Securities AG bought a new stake in Cinemark in the fourth quarter worth $83,000. Kestra Advisory Services LLC purchased a new stake in Cinemark during the fourth quarter valued at about $102,000. KBC Group NV increased its holdings in shares of Cinemark by 56.9% in the first quarter. KBC Group NV now owns 4,334 shares of the company’s stock worth $124,000 after buying an additional 1,572 shares during the period. Finally, GAMMA Investing LLC increased its stake in Cinemark by 10.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,982 shares of the company’s stock worth $158,000 after purchasing an additional 462 shares during the period.
Wall Street Analyst Weigh In
CNK has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Cinemark from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 15th. B. Riley Financial increased their price objective on Cinemark from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. The Goldman Sachs Group raised Cinemark from a “sell” rating to a “neutral” rating and boosted their target price for the company from $23.00 to $30.00 in a research note on Wednesday, July 8th. JPMorgan Chase & Co. downgraded Cinemark from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $40.00 to $39.00 in a report on Friday, August 14th. Finally, Guggenheim set a $37.00 price target on Cinemark in a research note on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Cinemark currently has an average rating of “Moderate Buy” and a consensus price target of $37.93.
Cinemark Price Performance
CNK stock opened at $37.06 on Thursday. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.81 and a current ratio of 0.84. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 21.93 and a beta of 1.00. The firm has a 50 day moving average price of $33.99 and a 200-day moving average price of $30.23. Cinemark Holdings Inc has a 52-week low of $21.60 and a 52-week high of $38.98.
Cinemark (NYSE:CNK – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.19 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business earned $0.63 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities research analysts forecast that Cinemark Holdings Inc will post 2.36 EPS for the current fiscal year.
Cinemark Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, August 26th. Cinemark’s dividend payout ratio is 21.30%.
Cinemark Profile
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.
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