Shares of Cedar Fair, L.P. (NYSE:FUN) have been given a consensus rating of “Hold” by the nine brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $63.00.
Several equities analysts have issued reports on the stock. Wedbush set a $58.00 target price on shares of Cedar Fair and gave the company a “buy” rating in a research note on Thursday, August 2nd. Zacks Investment Research cut shares of Cedar Fair from a “buy” rating to a “hold” rating in a research note on Thursday. Macquarie cut shares of Cedar Fair from an “outperform” rating to a “neutral” rating in a research note on Friday, July 13th. ValuEngine cut shares of Cedar Fair from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Finally, Stifel Nicolaus lowered their price objective on shares of Cedar Fair from $72.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd.
In related news, Director Thomas Klein purchased 10,000 shares of the stock in a transaction that occurred on 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 directly owns 36,012 shares in the company, valued at $1,842,734.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of FUN. Benjamin F. Edwards & Company Inc. lifted its position in shares of Cedar Fair by 61.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,934 shares of the company’s stock worth $153,000 after purchasing an additional 1,116 shares during the last quarter. Edge Wealth Management LLC bought a new stake in shares of Cedar Fair during the third quarter worth $154,000. Pennsylvania Trust Co bought a new stake in shares of Cedar Fair during the second quarter worth $238,000. Jane Street Group LLC bought a new stake in shares of Cedar Fair during the first quarter worth $278,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Cedar Fair during the second quarter worth $320,000. Institutional investors own 51.13% of the company’s stock.
FUN opened at $52.15 on Friday. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 3.80 and a beta of 0.34. Cedar Fair has a 52-week low of $47.90 and a 52-week high of $70.82.
Cedar Fair (NYSE:FUN) last posted its earnings results on Tuesday, October 30th. The company reported $3.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.21 by $0.55. The business had revenue of $663.70 million for the quarter, compared to analysts’ expectations of $659.45 million. Cedar Fair had a net margin of 15.58% and a negative return on equity of 1,747.45%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.38 EPS. On average, equities research analysts forecast that Cedar Fair will post 2.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Tuesday, December 4th will be given a $0.925 dividend. The ex-dividend date is Monday, December 3rd. This is an increase from Cedar Fair’s previous quarterly dividend of $0.89. This represents a $3.70 dividend on an annualized basis and a yield of 7.09%. Cedar Fair’s dividend payout ratio (DPR) is currently 87.90%.
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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