Zacks Investment Research cut shares of Cedar Fair, L.P. (NYSE:FUN) from a hold rating to a sell rating in a research note published on Tuesday morning.
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 analysts have also recently weighed in on the stock. Goldman Sachs Group, Inc. (The) upgraded shares of Cedar Fair, L.P. from a buy rating to a conviction-buy rating and set a $81.00 price target on the stock in a report on Monday, June 19th. KeyCorp restated an overweight rating and set a $74.00 target price on shares of Cedar Fair, L.P. in a report on Wednesday, August 30th. Stifel Nicolaus restated a buy rating and set a $74.00 target price (down previously from $75.00) on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. BidaskClub cut shares of Cedar Fair, L.P. from a buy rating to a hold rating in a report on Tuesday, June 27th. Finally, FBR & Co restated a buy rating on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. Cedar Fair, L.P. presently has a consensus rating of Buy and an average price target of $74.38.
Cedar Fair, L.P. (FUN) traded up 0.32% during midday trading on Tuesday, hitting $62.58. 43,544 shares of the stock were exchanged. The stock has a market cap of $3.52 billion, a PE ratio of 26.25 and a beta of 0.48. Cedar Fair, L.P. has a 1-year low of $56.23 and a 1-year high of $72.56. The company’s 50 day moving average is $64.81 and its 200-day moving average is $68.33.
Cedar Fair, L.P. (NYSE:FUN) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.20). The company had revenue of $392.80 million during the quarter, compared to the consensus estimate of $405.78 million. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. On average, analysts expect that Cedar Fair, L.P. will post $2.85 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th were given a $0.855 dividend. This represents a $3.42 annualized dividend and a dividend yield of 5.48%. The ex-dividend date of this dividend was Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio is presently 144.30%.
In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $66.80, for a total value of $200,400.00. Following the completion of the transaction, the chief executive officer now owns 195,199 shares of the company’s stock, valued at approximately $13,039,293.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew A. Ouimet sold 2,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $64.90, for a total value of $129,800.00. Following the completion of the transaction, the chief executive officer now directly owns 193,199 shares of the company’s stock, valued at approximately $12,538,615.10. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Large investors have recently modified their holdings of the business. Northwestern Mutual Investment Management Company LLC purchased a new position in Cedar Fair, L.P. in the 2nd quarter worth about $31,274,000. Private Advisor Group LLC raised its position in Cedar Fair, L.P. by 39.9% in the 2nd quarter. Private Advisor Group LLC now owns 19,174 shares of the company’s stock worth $1,331,000 after buying an additional 5,466 shares during the last quarter. Janus Capital Management LLC raised its position in Cedar Fair, L.P. by 4.4% in the 1st quarter. Janus Capital Management LLC now owns 625,955 shares of the company’s stock worth $42,446,000 after buying an additional 26,315 shares during the last quarter. Brookstone Capital Management raised its position in Cedar Fair, L.P. by 21.4% in the 2nd quarter. Brookstone Capital Management now owns 3,911 shares of the company’s stock worth $282,000 after buying an additional 689 shares during the last quarter. Finally, Peddock Capital Advisors LLC purchased a new position in Cedar Fair, L.P. in the 2nd quarter worth about $144,000. 51.46% of the stock is owned by institutional investors and hedge funds.
Cedar Fair, L.P. Company Profile
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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