Renaissance Technologies LLC Raises Stake in Cinemark Holdings, Inc. (NYSE:CNK)

Renaissance Technologies LLC raised its holdings in Cinemark Holdings, Inc. (NYSE:CNK - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,801,578 shares of the company's stock after buying an additional 430,006 shares during the quarter. Renaissance Technologies LLC owned 3.11% of Cinemark worth $117,773,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Cinemark by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 12,505,099 shares of the company's stock valued at $387,408,000 after buying an additional 109,179 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Cinemark by 100.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company's stock valued at $127,159,000 after acquiring an additional 2,054,579 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cinemark by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,449,567 shares of the company's stock valued at $68,209,000 after acquiring an additional 25,857 shares in the last quarter. Hennessy Advisors Inc. raised its position in shares of Cinemark by 13.8% during the fourth quarter. Hennessy Advisors Inc. now owns 1,989,300 shares of the company's stock worth $61,629,000 after purchasing an additional 241,600 shares during the period. Finally, Norges Bank bought a new position in shares of Cinemark in the 4th quarter worth $25,623,000.

Analyst Ratings Changes

A number of analysts have commented on CNK shares. Wells Fargo & Company decreased their price target on shares of Cinemark from $38.00 to $36.00 and set an "overweight" rating for the company in a research note on Wednesday, January 29th. Morgan Stanley dropped their price target on shares of Cinemark from $40.00 to $35.00 and set an "overweight" rating on the stock in a research report on Thursday, February 20th. JPMorgan Chase & Co. upgraded Cinemark from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $30.00 to $34.00 in a report on Friday. Macquarie reiterated an "outperform" rating and issued a $35.00 target price on shares of Cinemark in a report on Thursday, February 20th. Finally, Barrington Research restated an "outperform" rating and set a $40.00 price target on shares of Cinemark in a report on Wednesday, February 19th. One 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 company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $33.10.

Remove Ads

Insider Buying and Selling

In related news, insider Wanda Marie Gierhart sold 9,119 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $27.00, for a total value of $246,213.00. Following the sale, the insider now directly owns 147,414 shares of the company's stock, valued at $3,980,178. This trade represents a 5.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

Cinemark Stock Performance

Shares of NYSE:CNK traded down $0.50 during trading on Monday, hitting $27.43. 823,419 shares of the company were exchanged, compared to its average volume of 3,628,279. Cinemark Holdings, Inc. has a 52-week low of $16.32 and a 52-week high of $36.28. The stock has a 50 day moving average of $26.77 and a 200 day moving average of $29.21. The company has a debt-to-equity ratio of 3.28, a current ratio of 1.01 and a quick ratio of 0.96. The company has a market cap of $3.23 billion, a PE ratio of 13.51 and a beta of 2.07.

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

Cinemark Announces Dividend

The company also recently declared a -- dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. Cinemark's payout ratio is currently 15.76%.

Cinemark 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.