Cedar Fair, L.P. (NYSE:FUN) – Investment analysts at Wedbush upped their FY2018 earnings estimates for Cedar Fair in a report released on Tuesday, October 30th. Wedbush analyst J. Hardiman now forecasts that the company will post earnings of $2.62 per share for the year, up from their prior forecast of $1.83. Wedbush currently has a “Buy” rating and a $58.00 target price on the stock. Wedbush also issued estimates for Cedar Fair’s Q4 2018 earnings at ($0.02) EPS and FY2019 earnings at $2.90 EPS.
Several other equities analysts have also recently weighed in on FUN. Zacks Investment Research cut Cedar Fair from a “buy” rating to a “hold” rating in a research report on Thursday. ValuEngine cut Cedar Fair from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. B. Riley reduced their price target on Cedar Fair from $79.00 to $70.00 and set a “$59.25” rating for the company in a research report on Thursday, July 19th. KeyCorp reduced their price target on Cedar Fair from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, August 2nd. Finally, Stifel Nicolaus reduced their price target on Cedar Fair from $72.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $65.00.
NYSE:FUN opened at $52.15 on Friday. Cedar Fair has a 1 year low of $47.90 and a 1 year high of $70.82. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 3.80 and a beta of 0.34.
Cedar Fair (NYSE:FUN) last released its earnings results on Tuesday, October 30th. The company reported $3.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.21 by $0.55. Cedar Fair had a negative return on equity of 1,747.45% and a net margin of 15.58%. The business had revenue of $663.70 million during the quarter, compared to the consensus estimate of $659.45 million. During the same period last year, the business posted $3.38 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Tuesday, December 4th will be given a $0.925 dividend. The ex-dividend date is Monday, December 3rd. This is a boost from Cedar Fair’s previous quarterly dividend of $0.89. This represents a $3.70 annualized dividend and a dividend yield of 7.09%. Cedar Fair’s payout ratio is 87.90%.
In related news, Director Thomas Klein purchased 10,000 shares of Cedar Fair stock in a transaction dated Monday, August 6th. The stock was bought at an average cost of $51.17 per share, for a total transaction of $511,700.00. Following the completion of the transaction, the director now owns 36,012 shares in the company, valued at $1,842,734.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP grew its position in Cedar Fair by 732.6% during the second quarter. Marshall Wace LLP now owns 31,149 shares of the company’s stock worth $1,963,000 after buying an additional 27,408 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in Cedar Fair during the second quarter worth about $320,000. Morgan Stanley grew its position in Cedar Fair by 53.2% during the second quarter. Morgan Stanley now owns 898,990 shares of the company’s stock worth $56,645,000 after buying an additional 312,338 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new position in Cedar Fair during the second quarter worth about $472,000. Finally, Barnett & Company Inc. grew its position in Cedar Fair by 28.2% during the second quarter. Barnett & Company Inc. now owns 54,876 shares of the company’s stock worth $3,458,000 after buying an additional 12,077 shares in the last quarter. Institutional investors and hedge funds own 51.13% of the company’s stock.
Cedar Fair Company Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.
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