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

Cinemark Holdings Inc (NYSE:CNK) was the recipient of unusually large options trading on Wednesday. Traders bought 6,195 put options on the company. This is an increase of 130% compared to the typical volume of 2,697 put options.

Hedge Funds Weigh In On Cinemark

A number of hedge funds and other institutional investors have recently modified their holdings of CNK. Wellington Management Group LLP raised its holdings in shares of Cinemark by 12.9% during the 1st quarter. Wellington Management Group LLP now owns 9,346,856 shares of the company’s stock valued at $232,643,000 after buying an additional 1,066,225 shares in the last quarter. Marshall Wace LLP grew its position in Cinemark by 758.9% during the second quarter. Marshall Wace LLP now owns 4,497,305 shares of the company’s stock valued at $135,729,000 after acquiring an additional 3,973,689 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Cinemark by 106.9% during the second quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock valued at $78,147,000 after acquiring an additional 1,338,153 shares during the last quarter. Squarepoint Ops LLC raised its stake 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 acquiring an additional 1,188,709 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Cinemark by 2.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,069,188 shares of the company’s stock worth $57,979,000 after acquiring an additional 56,275 shares during the last quarter.

Cinemark Price Performance

CNK stock opened at $23.88 on Friday. The firm has a 50 day simple moving average of $27.49 and a two-hundred day simple moving average of $28.50. The stock has a market cap of $2.81 billion, a PE ratio of 22.96, a P/E/G ratio of 2.16 and a beta of 1.10. Cinemark has a one year low of $22.62 and a one year high of $35.83. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.76 and a quick ratio of 0.72.

Cinemark (NYSE:CNK) last posted 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). Cinemark had a net margin of 4.93% and a return on equity of 34.33%. The company had revenue of $857.50 million for the quarter, compared to analysts’ expectations of $851.47 million. During the same quarter last year, the business posted $1.19 EPS. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. On average, analysts predict that Cinemark will post 1.93 EPS for the current fiscal year.

Cinemark Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CNK shares. Weiss Ratings reissued a “hold (c)” rating on shares of Cinemark in a report on Monday. Zacks Research upgraded Cinemark from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Morgan Stanley lowered their price target on shares of Cinemark from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, October 21st. Wall Street Zen upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Cinemark from $38.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.30.

Cinemark Company Profile

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.