Covalent Partners LLC Decreases Stock Position in Cinemark Holdings, Inc. (NYSE:CNK)

Covalent Partners LLC cut its holdings in Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 37.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,000 shares of the company's stock after selling 50,000 shares during the quarter. Cinemark makes up 16.8% of Covalent Partners LLC's holdings, making the stock its 3rd biggest holding. Covalent Partners LLC owned approximately 0.07% of Cinemark worth $2,366,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CNK. Luxor Capital Group LP boosted its stake in shares of Cinemark by 2.9% during the third quarter. Luxor Capital Group LP now owns 102,200 shares of the company's stock valued at $2,845,000 after purchasing an additional 2,905 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Cinemark during the third quarter worth about $474,000. Tabor Asset Management LP raised its position in shares of Cinemark by 25.7% during the third quarter. Tabor Asset Management LP now owns 333,906 shares of the company's stock worth $9,296,000 after acquiring an additional 68,237 shares during the last quarter. Sora Investors LLC bought a new position in shares of Cinemark during the third quarter worth about $1,114,000. Finally, Quarry LP raised its position in shares of Cinemark by 714.8% during the third quarter. Quarry LP now owns 1,491 shares of the company's stock worth $42,000 after acquiring an additional 1,308 shares during the last quarter.

Cinemark Stock Up 0.9 %

Shares of NYSE:CNK traded up $0.30 during mid-day trading on Tuesday, hitting $33.61. 2,607,234 shares of the company traded hands, compared to its average volume of 2,845,859. The stock has a 50-day moving average price of $30.92 and a two-hundred day moving average price of $26.13. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 3.46. Cinemark Holdings, Inc. has a 12-month low of $13.19 and a 12-month high of $36.28. The stock has a market cap of $4.11 billion, a P/E ratio of 21.68, a P/E/G ratio of 1.76 and a beta of 2.38.

Cinemark (NYSE:CNK - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.61. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The business had revenue of $921.80 million for the quarter, compared to analysts' expectations of $894.90 million. During the same quarter in the previous year, the firm earned $0.61 earnings per share. The business's revenue was up 5.4% on a year-over-year basis. On average, equities research analysts forecast that Cinemark Holdings, Inc. will post 2 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of the company's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total transaction of $817,000.00. Following the transaction, the insider now owns 179,729 shares of the company's stock, valued at $5,873,543.72. This represents a 12.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Macquarie lifted their target price on Cinemark from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. B. Riley downgraded Cinemark from a "buy" rating to a "neutral" rating and set a $31.00 price objective for the company. in a report on Tuesday, August 27th. Roth Mkm boosted their price objective on Cinemark from $30.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Barrington Research upgraded Cinemark from a "market perform" rating to an "outperform" rating and set a $36.00 price objective for the company in a report on Thursday, October 31st. Finally, Wedbush downgraded Cinemark from a "strong-buy" rating to a "hold" rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.80.

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.