Zacks Investment Research upgraded shares of Cedar Fair (NYSE:FUN) from a sell rating to a hold rating in a research report released on Tuesday, January 9th.
According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “
Several other research analysts also recently commented on the stock. B. Riley reaffirmed a buy rating on shares of Cedar Fair in a research note on Friday, November 3rd. KeyCorp reaffirmed a buy rating and issued a $74.00 price target on shares of Cedar Fair in a research note on Tuesday, October 24th. Finally, Goldman Sachs Group downgraded shares of Cedar Fair from a conviction-buy rating to a buy rating and set a $75.00 target price on the stock. in a research report on Wednesday, October 4th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $73.63.
Shares of Cedar Fair (FUN) opened at $67.72 on Tuesday. The stock has a market cap of $3,810.00, a PE ratio of 25.46, a PEG ratio of 3.35 and a beta of 0.45. The company has a quick ratio of 1.06, a current ratio of 1.18 and a debt-to-equity ratio of 22.05. Cedar Fair has a twelve month low of $59.66 and a twelve month high of $72.56.
In related news, CEO Matthew A. Ouimet sold 6,000 shares of the business’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $67.91, for a total value of $407,460.00. Following the completion of the transaction, the chief executive officer now directly owns 215,353 shares in the company, valued at approximately $14,624,622.23. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew A. Ouimet sold 2,000 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $64.69, for a total transaction of $129,380.00. Following the completion of the transaction, the insider now owns 243,057 shares of the company’s stock, valued at $15,723,357.33. The disclosure for this sale can be found here. Insiders sold a total of 12,000 shares of company stock valued at $802,440 over the last quarter. 2.00% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in Cedar Fair by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,212 shares of the company’s stock worth $304,000 after acquiring an additional 175 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Cedar Fair by 58.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 111,370 shares of the company’s stock worth $8,030,000 after acquiring an additional 41,034 shares in the last quarter. Uniplan Investment Counsel Inc. increased its holdings in Cedar Fair by 3.8% in the 2nd quarter. Uniplan Investment Counsel Inc. now owns 74,022 shares of the company’s stock worth $5,337,000 after acquiring an additional 2,702 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Cedar Fair by 12.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 15,404 shares of the company’s stock worth $1,111,000 after acquiring an additional 1,749 shares in the last quarter. Finally, Overbrook Management Corp increased its holdings in Cedar Fair by 6.6% in the 2nd quarter. Overbrook Management Corp now owns 476,993 shares of the company’s stock worth $34,391,000 after acquiring an additional 29,606 shares in the last quarter. Hedge funds and other institutional investors own 50.02% of the company’s stock.
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About Cedar Fair
Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.
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