Polaris Capital Management LLC Has $3.33 Million Holdings in Cinemark Holdings, Inc. (CNK)
Polaris Capital Management LLC boosted its stake in Cinemark Holdings, Inc. (NYSE:CNK) by 71.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 82,791 shares of the company’s stock after acquiring an additional 34,600 shares during the quarter. Polaris Capital Management LLC’s holdings in Cinemark were worth $3,328,000 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 business. Bruderman Asset Management LLC boosted its position in shares of Cinemark by 76.6% during the 2nd quarter. Bruderman Asset Management LLC now owns 4,000 shares of the company’s stock valued at $140,000 after acquiring an additional 1,735 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Cinemark during the 3rd quarter valued at about $168,000. Stratos Wealth Partners LTD. bought a new stake in shares of Cinemark during the 3rd quarter valued at about $171,000. Keybank National Association OH bought a new stake in shares of Cinemark during the 3rd quarter valued at about $202,000. Finally, BB&T Corp bought a new stake in shares of Cinemark during the 3rd quarter valued at about $225,000. Institutional investors and hedge funds own 98.72% of the company’s stock.
A number of analysts have recently issued reports on the company. Morgan Stanley lifted their price target on Cinemark from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, October 18th. B. Riley dropped their price target on Cinemark from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, November 5th. Royal Bank of Canada lifted their price target on Cinemark from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, November 5th. Imperial Capital lifted their price target on Cinemark from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, November 2nd. Finally, MKM Partners lifted their price target on Cinemark to $47.00 and gave the company a “buy” rating in a research report on Wednesday, October 24th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $43.70.
Cinemark (NYSE:CNK) last announced its quarterly earnings data on Friday, November 2nd. The company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.09. The company had revenue of $754.20 million for the quarter, compared to analysts’ expectations of $730.27 million. Cinemark had a return on equity of 19.92% and a net margin of 9.12%. Cinemark’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.33 EPS. As a group, equities analysts expect that Cinemark Holdings, Inc. will post 2.05 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 18th. Investors of record on Tuesday, December 4th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, December 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.49%. Cinemark’s dividend payout ratio is 56.64%.
In related news, CFO Sean Gamble sold 7,468 shares of the firm’s stock in a transaction dated Friday, November 9th. The stock was sold at an average price of $40.90, for a total transaction of $305,441.20. Following the transaction, the chief financial officer now directly owns 92,673 shares of the company’s stock, valued at approximately $3,790,325.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.90% of the company’s stock.
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Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of October 15, 2018, it operated 539 theatres with 5,998 screens in 41 states of the United States, Brazil, Argentina, Chile, and 12 other Latin American countries. The company was incorporated in 2006 and is headquartered in Plano, Texas.
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