Norges Bank Purchases Shares of 827,085 Cinemark Holdings, Inc. (NYSE:CNK)

Norges Bank purchased a new stake in Cinemark Holdings, Inc. (NYSE:CNK - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 827,085 shares of the company's stock, valued at approximately $25,623,000. Norges Bank owned about 0.68% of Cinemark as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. KBC Group NV lifted its holdings in Cinemark by 470.1% during the 4th quarter. KBC Group NV now owns 16,920 shares of the company's stock worth $524,000 after buying an additional 13,952 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Cinemark by 18.8% during the third quarter. Principal Financial Group Inc. now owns 629,782 shares of the company's stock valued at $17,533,000 after acquiring an additional 99,843 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cinemark by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 12,505,099 shares of the company's stock valued at $387,408,000 after acquiring an additional 109,179 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Cinemark in the fourth quarter valued at about $477,000. Finally, XTX Topco Ltd acquired a new stake in Cinemark in the third quarter worth about $474,000.

Insider Activity at Cinemark

In related news, insider Wanda Marie Gierhart sold 9,119 shares of Cinemark stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $27.00, for a total value of $246,213.00. Following the sale, the insider now owns 147,414 shares of the company's stock, valued at approximately $3,980,178. This trade represents a 5.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

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Cinemark Trading Up 2.6 %

NYSE:CNK traded up $0.72 on Friday, reaching $27.90. The company's stock had a trading volume of 4,073,436 shares, compared to its average volume of 2,929,081. The firm has a market cap of $3.29 billion, a PE ratio of 13.74 and a beta of 2.07. The company has a debt-to-equity ratio of 3.28, a quick ratio of 0.96 and a current ratio of 1.01. The business's 50-day moving average price is $26.77 and its two-hundred day moving average price is $29.19. Cinemark Holdings, Inc. has a 1-year low of $16.32 and a 1-year high of $36.28.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). The business had revenue of $814.30 million during the quarter, compared to analyst estimates of $797.18 million. Cinemark had a net margin of 10.16% and a return on equity of 65.83%. Cinemark's revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. Equities research analysts anticipate that Cinemark Holdings, Inc. will post 1.93 earnings per share for the current fiscal year.

Cinemark Announces Dividend

The business also recently disclosed a -- dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, March 5th. Cinemark's payout ratio is 15.76%.

Analysts Set New Price Targets

A number of research firms have issued reports on CNK. JPMorgan Chase & Co. upgraded shares of Cinemark from a "neutral" rating to an "overweight" rating and upped their target price for the company from $30.00 to $34.00 in a research report on Friday. Benchmark cut their price objective on shares of Cinemark from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Barrington Research reaffirmed an "outperform" rating and set a $40.00 target price on shares of Cinemark in a report on Wednesday, February 19th. Morgan Stanley dropped their target price on shares of Cinemark from $40.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, February 20th. Finally, Macquarie restated an "outperform" rating and issued a $35.00 price target on shares of Cinemark in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $33.10.

Cinemark Company Profile

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.