Cedar Fair, L.P. (NYSE:FUN) – Analysts at KeyCorp upped their FY2018 earnings estimates for shares of Cedar Fair in a research note issued to investors on Tuesday, October 30th. KeyCorp analyst B. Andress now forecasts that the company will earn $2.80 per share for the year, up from their prior estimate of $2.75. KeyCorp has a “Overweight” rating and a $70.00 price target on the stock.
Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $3.76 EPS for the quarter, beating analysts’ consensus estimates of $3.21 by $0.55. The firm had revenue of $663.70 million during the quarter, compared to the consensus estimate of $659.45 million. Cedar Fair had a return on equity of 1,656.35% and a net margin of 15.58%. Cedar Fair’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.38 earnings per share.
A number of other brokerages also recently commented on FUN. Macquarie downgraded Cedar Fair from an “outperform” rating to a “neutral” rating in a report on Friday, July 13th. Goldman Sachs Group downgraded Cedar Fair from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. 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 report on Thursday, July 19th. Zacks Investment Research downgraded Cedar Fair from a “hold” rating to a “sell” rating in a report on Thursday, July 12th. Finally, ValuEngine raised Cedar Fair from a “sell” rating to a “hold” rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $65.00.
Shares of FUN opened at $51.69 on Friday. The stock has a market capitalization of $2.92 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 3.18 and a beta of 0.31. Cedar Fair has a one year low of $47.90 and a one year high of $70.82. The company has a quick ratio of 0.52, a current ratio of 1.07 and a debt-to-equity ratio of 18.09.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Tuesday, December 4th will be issued a dividend of $0.925 per share. This represents a $3.70 dividend on an annualized basis and a yield of 7.16%. The ex-dividend date is Monday, December 3rd. This is an increase from Cedar Fair’s previous quarterly dividend of $0.89. Cedar Fair’s dividend payout ratio (DPR) is currently 87.90%.
In other news, Director Thomas Klein bought 10,000 shares of Cedar Fair stock in a transaction on Monday, August 6th. The shares were bought at an average price of $51.17 per share, with a total value of $511,700.00. Following 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its holdings in Cedar Fair by 732.6% during the 2nd 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 during the last quarter. First Republic Investment Management Inc. bought a new position in Cedar Fair during the 2nd quarter worth approximately $320,000. Morgan Stanley lifted its holdings in Cedar Fair by 53.2% during the 2nd quarter. Morgan Stanley now owns 898,990 shares of the company’s stock worth $56,645,000 after buying an additional 312,338 shares during the last quarter. Stock Yards Bank & Trust Co. bought a new position in Cedar Fair during the 2nd quarter worth approximately $472,000. Finally, Barnett & Company Inc. lifted its holdings in Cedar Fair by 28.2% during the 2nd 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 during the last quarter. 51.13% of the stock is currently owned by institutional investors.
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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