Luxor Capital Group LP Reduces Stock Position in Cinemark Holdings Inc $CNK

Luxor Capital Group LP trimmed its stake in shares of Cinemark Holdings Inc (NYSE:CNK) by 8.1% in the first quarter, Holdings Channel.com reports. The fund owned 228,395 shares of the company’s stock after selling 20,000 shares during the period. Cinemark makes up about 0.5% of Luxor Capital Group LP’s holdings, making the stock its 22nd largest holding. Luxor Capital Group LP’s holdings in Cinemark were worth $6,514,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cinemark by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,699 shares of the company’s stock worth $1,635,000 after purchasing an additional 2,872 shares during the last quarter. Woodline Partners LP acquired a new stake in Cinemark in the first quarter valued at $570,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cinemark by 8.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 345,258 shares of the company’s stock valued at $8,593,000 after purchasing an additional 25,490 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Cinemark in the first quarter valued at $372,000. Finally, Russell Investments Group Ltd. increased its position in shares of Cinemark by 48.0% in the second quarter. Russell Investments Group Ltd. now owns 5,228 shares of the company’s stock valued at $158,000 after buying an additional 1,696 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Cinemark from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Morgan Stanley raised their target price on shares of Cinemark from $30.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, June 9th. Barrington Research restated an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research report on Monday, May 4th. B. Riley Financial reduced their price target on shares of Cinemark from $36.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Cinemark from a “hold” rating to a “buy” rating in a research report on Sunday, May 31st. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.58.

Cinemark Stock Performance

NYSE CNK opened at $32.67 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.62 and a debt-to-equity ratio of 5.03. Cinemark Holdings Inc has a fifty-two week low of $21.60 and a fifty-two week high of $34.73. The business has a fifty day moving average of $30.71 and a 200-day moving average of $28.07. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 28.91 and a beta of 0.98.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Friday, May 1st. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $643.10 million for the quarter, compared to analyst estimates of $632.74 million. Cinemark had a net margin of 5.31% and a return on equity of 41.31%. The firm’s revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.32) EPS. As a group, analysts predict that Cinemark Holdings Inc will post 2.14 earnings per share for the current fiscal year.

Cinemark Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, May 28th. Cinemark’s dividend payout ratio is 31.86%.

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.