Cinemark Holdings, Inc. (CNK) to Issue Quarterly Dividend of $0.29
Cinemark Holdings, Inc. (NYSE:CNK) declared a quarterly dividend on Friday, May 26th. Investors of record on Thursday, June 8th will be paid a dividend of 0.29 per share on Thursday, June 22nd. This represents a $1.16 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Tuesday, June 6th.
Cinemark Holdings has raised its dividend payment by an average of 5.5% per year over the last three years. Cinemark Holdings has a payout ratio of 49.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cinemark Holdings to earn $2.54 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 45.7%.
Shares of Cinemark Holdings (NYSE:CNK) traded up 2.87% on Friday, hitting $40.49. The company’s stock had a trading volume of 869,663 shares. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 17.08 and a beta of 0.97. Cinemark Holdings has a 52 week low of $32.60 and a 52 week high of $44.84. The stock’s 50-day moving average price is $42.50 and its 200-day moving average price is $41.64.
Cinemark Holdings (NYSE:CNK) last released its earnings results on Wednesday, May 3rd. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $779.60 million during the quarter, compared to the consensus estimate of $750.75 million. Cinemark Holdings had a return on equity of 20.75% and a net margin of 8.06%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. Equities analysts expect that Cinemark Holdings will post $2.38 earnings per share for the current fiscal year.
In related news, insider Valmir Fernandes sold 6,000 shares of the company’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $43.53, for a total transaction of $261,180.00. Following the completion of the sale, the insider now directly owns 85,505 shares in the company, valued at approximately $3,722,032.65. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Tom Owens sold 8,475 shares of the company’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $44.00, for a total value of $372,900.00. Following the sale, the executive vice president now owns 54,720 shares of the company’s stock, valued at $2,407,680. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,139 shares of company stock valued at $2,115,894. 9.20% of the stock is owned by corporate insiders.
A number of analysts have recently weighed in on the company. B. Riley reiterated a “buy” rating and set a $53.50 target price on shares of Cinemark Holdings in a research report on Wednesday, April 12th. FBR & Co downgraded Cinemark Holdings from an “outperform” rating to a “market perform” rating and set a $46.00 target price for the company. in a research report on Monday, April 3rd. MKM Partners reiterated a “buy” rating and set a $50.00 target price (up from $48.00) on shares of Cinemark Holdings in a research report on Wednesday, April 26th. Wedbush upped their target price on Cinemark Holdings from $40.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, February 16th. Finally, Wunderlich downgraded Cinemark Holdings from a “buy” rating to a “hold” rating and set a $47.00 target price for the company. in a research report on Wednesday, March 22nd. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $45.13.
About Cinemark Holdings
Cinemark Holdings, Inc is engaged in the motion picture exhibition business with theatres in the United States (U.S.), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Paraguay, Curacao and Bolivia. The Company manages its business in two segments: U.S.
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