Connor Clark & Lunn Investment Management Ltd. Invests $22.66 Million in Cinemark Holdings Inc $CNK

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cinemark Holdings Inc (NYSE:CNK) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 714,049 shares of the company’s stock, valued at approximately $22,657,000.

A number of other large investors also recently made changes to their positions in CNK. Maryland State Retirement & Pension System grew its position in Cinemark by 3.1% in the 4th quarter. Maryland State Retirement & Pension System now owns 15,157 shares of the company’s stock worth $352,000 after purchasing an additional 449 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Cinemark by 10.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,982 shares of the company’s stock worth $158,000 after buying an additional 462 shares in the last quarter. Gabelli Funds LLC lifted its position in shares of Cinemark by 0.5% during the 1st quarter. Gabelli Funds LLC now owns 101,866 shares of the company’s stock worth $2,905,000 after buying an additional 490 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Cinemark by 2.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,584 shares of the company’s stock worth $548,000 after buying an additional 507 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Cinemark by 118.5% in the second quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company’s stock valued at $28,000 after acquiring an additional 507 shares in the last quarter.

Cinemark Trading Up 4.9%

Shares of CNK stock opened at $38.41 on Tuesday. The company has a 50 day moving average of $33.83 and a 200-day moving average of $30.07. The company has a quick ratio of 0.81, a current ratio of 0.84 and a debt-to-equity ratio of 3.87. Cinemark Holdings Inc has a 12-month low of $21.60 and a 12-month high of $38.98. The firm has a market cap of $4.45 billion, a P/E ratio of 22.73 and a beta of 1.00.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.03 by $0.16. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. Cinemark’s revenue for the quarter was up 15.5% on a year-over-year basis. Sell-side analysts anticipate that Cinemark Holdings Inc will post 2.36 earnings per share for the current year.

Cinemark Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Wednesday, August 26th will be paid a $0.09 dividend. The ex-dividend date is Wednesday, August 26th. This represents a $0.36 annualized dividend and a dividend yield of 0.9%. Cinemark’s payout ratio is presently 21.30%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wells Fargo & Company increased their price target on Cinemark from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Benchmark upped their price objective on Cinemark from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Wedbush raised their target price on Cinemark from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings upgraded Cinemark from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Morgan Stanley set a $40.00 price target on shares of Cinemark in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.93.

Cinemark Profile

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.