Zacks Investment Research downgraded shares of Cedar Fair, L.P. (NYSE:FUN) from a hold rating to a sell rating in a report released on Tuesday.
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 equities research analysts have also recently weighed in on the company. Goldman Sachs Group, Inc. (The) cut Cedar Fair, L.P. from a conviction-buy rating to a buy rating and set a $75.00 target price for the company. in a report on Wednesday, October 4th. Stifel Nicolaus restated a buy rating and set a $74.00 target price (down from $75.00) on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. FBR & Co restated a buy rating on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. 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. Finally, BidaskClub upgraded Cedar Fair, L.P. from a sell rating to a hold rating in a report on Thursday, August 17th. 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 stock. The stock presently has a consensus rating of Buy and an average target price of $74.38.
Cedar Fair, L.P. (NYSE FUN) opened at 63.15 on Tuesday. Cedar Fair, L.P. has a 12 month low of $56.23 and a 12 month high of $72.56. The company has a market capitalization of $3.55 billion, a P/E ratio of 26.49 and a beta of 0.48. The stock’s 50 day moving average price is $65.03 and its 200-day moving average price is $68.41.
Cedar Fair, L.P. (NYSE:FUN) last issued its 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 for the quarter, compared to analysts’ expectations 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 company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.03 earnings per share. On average, equities research analysts predict that Cedar Fair, L.P. will post $2.85 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were issued a dividend of $0.855 per share. This represents a $3.42 annualized dividend and a yield of 5.42%. 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 company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $66.80, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew A. Ouimet sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $64.90, for a total value of $129,800.00. Following 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. Corporate insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Solaris Asset Management LLC raised its position in Cedar Fair, L.P. by 8.4% during the 2nd quarter. Solaris Asset Management LLC now owns 1,545 shares of the company’s stock valued at $111,000 after purchasing an additional 120 shares during the last quarter. Advisory Services Network LLC raised its position in Cedar Fair, L.P. by 10.7% during the 2nd quarter. Advisory Services Network LLC now owns 1,660 shares of the company’s stock valued at $120,000 after purchasing an additional 160 shares during the last quarter. Captrust Financial Advisors bought a new position in Cedar Fair, L.P. during the 2nd quarter valued at approximately $123,000. The Manufacturers Life Insurance Company raised its position in Cedar Fair, L.P. by 6.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,718 shares of the company’s stock valued at $124,000 after purchasing an additional 108 shares during the last quarter. Finally, Peddock Capital Advisors LLC bought a new position in Cedar Fair, L.P. during the 2nd quarter valued at approximately $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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