Neo Ivy Capital Management Takes Position in Cinemark Holdings, Inc. (NYSE:CNK)
Neo Ivy Capital Management bought a new stake in shares of Cinemark Holdings, Inc. (NYSE:CNK) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 34,372 shares of the company’s stock, valued at approximately $1,241,000.
Several other hedge funds have also added to or reduced their stakes in CNK. DNB Asset Management AS purchased a new position in shares of Cinemark during the second quarter valued at approximately $25,830,000. Renaissance Technologies LLC lifted its holdings in shares of Cinemark by 23.0% during the second quarter. Renaissance Technologies LLC now owns 2,932,900 shares of the company’s stock valued at $105,878,000 after purchasing an additional 548,900 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Cinemark by 34.6% during the first quarter. Wells Fargo & Company MN now owns 1,962,955 shares of the company’s stock valued at $78,498,000 after purchasing an additional 504,333 shares during the last quarter. FMR LLC lifted its holdings in shares of Cinemark by 5.7% during the first quarter. FMR LLC now owns 9,183,881 shares of the company’s stock valued at $367,263,000 after purchasing an additional 494,773 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new position in shares of Cinemark during the first quarter valued at approximately $17,669,000. Hedge funds and other institutional investors own 99.84% of the company’s stock.
NYSE CNK traded up $0.16 during mid-day trading on Friday, reaching $37.92. The stock had a trading volume of 1,080,743 shares, compared to its average volume of 791,245. Cinemark Holdings, Inc. has a 1 year low of $34.49 and a 1 year high of $43.51. The stock has a market cap of $4.42 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 1.08 and a beta of 0.70. The company has a fifty day moving average price of $38.51 and a 200 day moving average price of $39.03. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.95 and a quick ratio of 0.92.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 3.59%. Cinemark’s payout ratio is currently 74.32%.
In other Cinemark news, CFO Sean Gamble sold 5,669 shares of Cinemark stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $41.50, for a total value of $235,263.50. Following the completion of the sale, the chief financial officer now owns 126,025 shares of the company’s stock, valued at approximately $5,230,037.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.00% of the stock is owned by insiders.
Several research firms have recently issued reports on CNK. Morgan Stanley lowered their target price on shares of Cinemark from $41.00 to $37.00 and set an “equal weight” rating for the company in a report on Tuesday, July 23rd. MKM Partners decreased their price objective on shares of Cinemark from $45.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, September 10th. Wedbush restated a “buy” rating and issued a $49.00 price objective on shares of Cinemark in a report on Friday, August 2nd. Credit Suisse Group assumed coverage on shares of Cinemark in a report on Friday, July 19th. They issued an “outperform” rating and a $43.00 price objective for the company. Finally, ValuEngine upgraded shares of Cinemark from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $44.00.
Cinemark Company Profile
Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of December 31, 2018, it operated 341 theatres and 4,586 screens in 41 states of the United States; and 205 theatres and 1,462 screens in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao, and Paraguay.
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