Hedges Asset Management LLC Sells 18,500 Shares of Cinemark Holdings, Inc. (NYSE:CNK)

Hedges Asset Management LLC lessened its position in Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 24.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 57,000 shares of the company's stock after selling 18,500 shares during the period. Hedges Asset Management LLC's holdings in Cinemark were worth $1,587,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Sei Investments Co. grew its holdings in shares of Cinemark by 38.1% in the 1st quarter. Sei Investments Co. now owns 115,124 shares of the company's stock worth $2,069,000 after acquiring an additional 31,739 shares during the last quarter. PEAK6 Investments LLC acquired a new position in shares of Cinemark in the 1st quarter worth $2,274,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Cinemark by 18.1% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 676,652 shares of the company's stock worth $14,629,000 after acquiring an additional 103,875 shares during the last quarter. US Bancorp DE grew its holdings in shares of Cinemark by 68.8% in the 1st quarter. US Bancorp DE now owns 34,846 shares of the company's stock worth $626,000 after acquiring an additional 14,200 shares during the last quarter. Finally, Maverick Capital Ltd. acquired a new position in shares of Cinemark in the 2nd quarter worth $2,253,000.

Insiders Place Their Bets

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the business's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the completion of the sale, the insider now owns 204,729 shares of the company's stock, valued at $5,566,581.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.30% of the company's stock.

Cinemark Stock Up 2.3 %

Shares of NYSE:CNK traded up $0.65 on Monday, reaching $29.34. The company had a trading volume of 2,906,495 shares, compared to its average volume of 2,849,929. Cinemark Holdings, Inc. has a twelve month low of $13.19 and a twelve month high of $29.87. The stock has a 50-day moving average price of $28.00 and a 200 day moving average price of $22.81. The stock has a market capitalization of $3.59 billion, a P/E ratio of 20.34, a P/E/G ratio of 1.94 and a beta of 2.36. The company has a quick ratio of 1.26, a current ratio of 1.29 and a debt-to-equity ratio of 6.23.

Cinemark (NYSE:CNK - Get Free Report) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.25. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The company had revenue of $734.20 million during the quarter, compared to analysts' expectations of $691.74 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The business's quarterly revenue was down 22.1% compared to the same quarter last year. On average, equities analysts expect that Cinemark Holdings, Inc. will post 1.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Cinemark from $25.00 to $29.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Morgan Stanley lifted their price target on Cinemark from $29.00 to $35.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Wedbush lifted their price target on Cinemark from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Tuesday, September 3rd. B. Riley downgraded Cinemark from a "buy" rating to a "neutral" rating and set a $31.00 price target on the stock. in a report on Tuesday, August 27th. Finally, The Goldman Sachs Group lifted their price target on Cinemark from $16.00 to $20.00 and gave the company a "sell" rating in a report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $28.10.

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.