Pacer Advisors Inc. lessened its stake in Cinemark Holdings, Inc. (NYSE:CNK) by 7.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,315 shares of the company’s stock after selling 3,060 shares during the quarter. Pacer Advisors Inc.’s holdings in Cinemark were worth $1,519,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Cerebellum GP LLC acquired a new stake in shares of Cinemark in the third quarter valued at approximately $118,000. Grassi Investment Management increased its holdings in shares of Cinemark by 22.2% in the third quarter. Grassi Investment Management now owns 30,755 shares of the company’s stock valued at $1,188,000 after purchasing an additional 5,580 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. increased its holdings in shares of Cinemark by 2.3% in the third quarter. Leith Wheeler Investment Counsel Ltd. now owns 139,700 shares of the company’s stock valued at $5,398,000 after purchasing an additional 3,190 shares during the last quarter. Barings LLC acquired a new stake in shares of Cinemark in the second quarter valued at approximately $282,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Cinemark by 1.0% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,363,142 shares of the company’s stock valued at $85,310,000 after purchasing an additional 22,988 shares during the last quarter. 99.86% of the stock is owned by hedge funds and other institutional investors.
In other Cinemark news, CFO Sean Gamble sold 5,669 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $41.50, for a total transaction of $235,263.50. Following the completion of the sale, the chief financial officer now owns 126,025 shares of the company’s stock, valued at $5,230,037.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 9.00% of the stock is owned by company insiders.
Cinemark (NYSE:CNK) last posted its earnings results on Friday, August 2nd. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $957.76 million during the quarter, compared to analysts’ expectations of $906.57 million. Cinemark had a return on equity of 13.75% and a net margin of 6.31%. As a group, sell-side analysts anticipate that Cinemark Holdings, Inc. will post 2.32 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.36 annualized dividend and a yield of 3.81%. Cinemark’s dividend payout ratio (DPR) is 74.32%.
Several research firms recently commented on CNK. Wedbush reaffirmed a “buy” rating and issued a $49.00 price target on shares of Cinemark in a report on Friday, August 2nd. Loop Capital raised Cinemark from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Wednesday, July 3rd. Morgan Stanley cut their target price on Cinemark from $41.00 to $37.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 23rd. Zacks Investment Research cut Cinemark from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, Credit Suisse Group began coverage on Cinemark in a research note on Friday, July 19th. They set an “outperform” rating and a $43.00 target price for the company. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $44.00.
Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of December 31, 2018, it operated 341 theatres and 4,586 screens in 41 states of the United States; and 205 theatres and 1,462 screens in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao, and Paraguay.
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