Wellington Management Group LLP Lowers Stake in Cinemark Holdings Inc $CNK

Wellington Management Group LLP trimmed its stake in Cinemark Holdings Inc (NYSE:CNK) by 11.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,755,183 shares of the company’s stock after selling 1,000,142 shares during the period. Wellington Management Group LLP owned about 0.07% of Cinemark worth $246,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in CNK. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cinemark during the 2nd quarter worth about $22,657,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Cinemark during the 4th quarter valued at $1,661,000. BlackRock Inc. purchased a new stake in Cinemark in the second quarter valued at about $530,855,000. UBS Group AG boosted its stake in Cinemark by 49.8% in the 4th quarter. UBS Group AG now owns 1,100,402 shares of the company’s stock worth $25,573,000 after purchasing an additional 365,630 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new stake in shares of Cinemark during the second quarter valued at $449,000.

Cinemark Stock Up 0.1%

Shares of NYSE CNK opened at $36.04 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.84 and a debt-to-equity ratio of 3.87. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 21.33 and a beta of 1.00. Cinemark Holdings Inc has a 52-week low of $21.60 and a 52-week high of $38.98. The business’s 50 day moving average is $34.10 and its two-hundred day moving average is $30.38.

Cinemark (NYSE:CNK) last announced its earnings results on Thursday, July 30th. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.Cinemark’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the business posted $0.63 EPS. Research analysts predict that Cinemark Holdings Inc will post 2.36 EPS for the current year.

Cinemark Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Wednesday, August 26th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, August 26th. Cinemark’s dividend payout ratio (DPR) is presently 21.30%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Guggenheim set a $37.00 target price on Cinemark in a research report on Thursday, July 2nd. B. Riley Financial increased their target price on shares of Cinemark from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. lowered Cinemark from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $40.00 to $39.00 in a report on Friday, August 14th. Benchmark boosted their target price on shares of Cinemark from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Morgan Stanley set a $40.00 price objective on Cinemark in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Cinemark currently has a consensus rating of “Moderate Buy” and an average price target of $37.93.

About Cinemark

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.