Cedar Fair (NYSE:FUN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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 brokerages have also recently commented on FUN. B. Riley decreased their target price on shares of Cedar Fair from $79.00 to $70.00 and set a “$59.25” rating for the company in a report on Thursday, July 19th. Stifel Nicolaus raised their target price on shares of Cedar Fair from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, September 6th. Wedbush set a $58.00 target price on shares of Cedar Fair and gave the stock a “buy” rating in a report on Thursday, August 2nd. ValuEngine upgraded shares of Cedar Fair from a “sell” rating to a “hold” rating in a report on Friday, October 12th. Finally, Macquarie cut shares of Cedar Fair from an “outperform” rating to a “neutral” rating in a report on Friday, July 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Cedar Fair currently has a consensus rating of “Hold” and an average target price of $65.00.
Shares of FUN opened at $51.69 on Thursday. The company has a market capitalization of $2.91 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 3.80 and a beta of 0.34. Cedar Fair has a 12-month low of $47.90 and a 12-month high of $70.82.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $3.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.21 by $0.55. The company 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 was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.38 EPS. Research analysts expect that Cedar Fair will post 2.26 earnings per share for the current fiscal year.
In other news, Director Thomas Klein bought 10,000 shares of the firm’s stock in a transaction 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 acquisition, the director now directly owns 36,012 shares in the company, valued at approximately $1,842,734.04. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of FUN. Benjamin F. Edwards & Company Inc. boosted its holdings 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 period. Edge Wealth Management LLC acquired a new stake in shares of Cedar Fair during the third quarter worth approximately $154,000. Pennsylvania Trust Co acquired a new stake in shares of Cedar Fair during the second quarter worth approximately $238,000. Jane Street Group LLC acquired a new stake in shares of Cedar Fair during the first quarter worth approximately $278,000. Finally, Whittier Trust Co. acquired a new stake in shares of Cedar Fair during the third quarter worth approximately $307,000. Institutional investors and hedge funds own 51.13% of the company’s stock.
About Cedar Fair
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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