Stock Traders Purchase Large Volume of Cinemark Put Options (NYSE:CNK)

Cinemark Holdings Inc (NYSE:CNK) was the recipient of some unusual options trading on Wednesday. Traders acquired 6,195 put options on the company. This represents an increase of 130% compared to the average daily volume of 2,697 put options.

Hedge Funds Weigh In On Cinemark

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP increased its stake in shares of Cinemark by 758.9% during the second quarter. Marshall Wace LLP now owns 4,497,305 shares of the company’s stock worth $135,729,000 after purchasing an additional 3,973,689 shares during the period. Assenagon Asset Management S.A. grew its holdings in Cinemark by 106.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock valued at $78,147,000 after buying an additional 1,338,153 shares in the last quarter. Nuveen LLC bought a new position in Cinemark during the 1st quarter worth $32,297,000. Woodline Partners LP acquired a new stake in shares of Cinemark during the third quarter worth $33,390,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Cinemark by 119.9% during the second quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company’s stock worth $65,808,000 after buying an additional 1,188,709 shares in the last quarter.

Analyst Upgrades and Downgrades

CNK has been the topic of a number of analyst reports. Morgan Stanley dropped their price objective on Cinemark from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 21st. Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of Cinemark in a research report on Wednesday, November 5th. Wall Street Zen upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Cinemark in a research report on Monday. Finally, Zacks Research raised shares of Cinemark from a “strong sell” rating to a “hold” rating in a report on Friday, October 3rd. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.30.

Cinemark Stock Performance

CNK stock traded down $1.61 during midday trading on Wednesday, reaching $23.65. 2,480,010 shares of the company were exchanged, compared to its average volume of 3,790,036. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.76 and a quick ratio of 0.72. The business has a 50-day moving average price of $27.69 and a two-hundred day moving average price of $28.58. Cinemark has a one year low of $23.12 and a one year high of $35.83. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 2.54 and a beta of 1.10.

Cinemark (NYSE:CNK) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $857.50 million during the quarter, compared to the consensus estimate of $851.47 million. Cinemark had a net margin of 4.93% and a return on equity of 34.33%. Cinemark’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 earnings per share. Equities research analysts forecast that Cinemark will post 1.93 EPS for the current year.

Cinemark Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a dividend of $0.09 per share. This is a boost from Cinemark’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, November 28th. Cinemark’s dividend payout ratio is presently 34.62%.

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.