Simcoe Capital Management LLC Takes Position in Cinemark Holdings, Inc. (NYSE:CNK)

Simcoe Capital Management LLC acquired a new position in shares of Cinemark Holdings, Inc. (NYSE:CNK) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 1,218,950 shares of the company’s stock, valued at approximately $37,763,000. Cinemark accounts for approximately 5.5% of Simcoe Capital Management LLC’s holdings, making the stock its 9th biggest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CNK. Sora Investors LLC boosted its stake in shares of Cinemark by 302.2% during the fourth quarter. Sora Investors LLC now owns 160,899 shares of the company’s stock valued at $4,985,000 after purchasing an additional 120,899 shares in the last quarter. ProShare Advisors LLC raised its position in Cinemark by 44.6% during the 4th quarter. ProShare Advisors LLC now owns 33,191 shares of the company’s stock worth $1,028,000 after purchasing an additional 10,237 shares during the last quarter. Man Group plc acquired a new position in Cinemark during the 4th quarter worth about $28,040,000. Nuveen Asset Management LLC lifted its holdings in Cinemark by 5.0% during the 4th quarter. Nuveen Asset Management LLC now owns 402,442 shares of the company’s stock worth $12,468,000 after buying an additional 19,238 shares during the period. Finally, Numerai GP LLC bought a new stake in shares of Cinemark in the 4th quarter valued at about $233,000.

Cinemark Trading Up 2.1%

NYSE:CNK opened at $31.82 on Friday. Cinemark Holdings, Inc. has a 12 month low of $16.32 and a 12 month high of $36.28. The company has a current ratio of 1.01, a quick ratio of 0.96 and a debt-to-equity ratio of 3.28. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of 15.67 and a beta of 1.91. The firm has a fifty day simple moving average of $27.51 and a two-hundred day simple moving average of $29.46.

Cinemark (NYSE:CNK) last issued its earnings results on Friday, May 2nd. The company reported ($0.32) EPS for the quarter, meeting the consensus estimate of ($0.32). Cinemark had a return on equity of 65.83% and a net margin of 10.16%. The company had revenue of $540.70 million during the quarter, compared to the consensus estimate of $604.62 million. During the same period last year, the business posted $0.19 EPS. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. Analysts expect that Cinemark Holdings, Inc. will post 1.93 EPS for the current fiscal year.

Cinemark Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. Cinemark’s payout ratio is 21.05%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CNK. Morgan Stanley lowered their price objective on Cinemark from $40.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Cinemark from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. 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. Wells Fargo & Company decreased their price objective on shares of Cinemark from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Finally, Barrington Research reissued an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.80.

Insider Buying and Selling

In other Cinemark news, insider Wanda Marie Gierhart sold 9,119 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $27.00, for a total transaction of $246,213.00. Following the completion of the sale, the insider now directly owns 147,414 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. Also, EVP Melissa Thomas sold 7,200 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 210,968 shares in the company, valued at $6,630,724.24. This represents a 3.30% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

About Cinemark

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.