Zacks Investment Research upgraded shares of Cedar Fair (NYSE:FUN) from a hold rating to a buy rating in a research note released on Thursday, Zacks.com reports. They currently have $53.00 target price on the stock.
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. “
Other analysts have also issued research reports about the company. ValuEngine lowered Welbilt from a hold rating to a sell rating in a report on Wednesday, June 12th. TheStreet upgraded Patrick Industries from a c+ rating to a b- rating in a report on Monday, March 18th. Finally, B. Riley set a $18.00 target price on TiVo and gave the stock a buy rating in a report on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $59.83.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($1.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.01. The firm had revenue of $67.00 million during the quarter, compared to analyst estimates of $55.14 million. Cedar Fair had a negative return on equity of 1,151.68% and a net margin of 9.29%. Cedar Fair’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.49) earnings per share. Equities research analysts anticipate that Cedar Fair will post 3.25 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Tuesday, June 4th were issued a dividend of $0.925 per share. The ex-dividend date was Monday, June 3rd. This represents a $3.70 dividend on an annualized basis and a yield of 7.36%. Cedar Fair’s dividend payout ratio is currently 122.52%.
Institutional investors have recently bought and sold shares of the business. Capital Investment Advisory Services LLC lifted its holdings in shares of Cedar Fair by 66.7% during the 1st quarter. Capital Investment Advisory Services LLC now owns 500 shares of the company’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Synovus Financial Corp purchased a new stake in shares of Cedar Fair during the 1st quarter valued at $32,000. PRW Wealth Management LLC purchased a new stake in shares of Cedar Fair during the 4th quarter valued at $34,000. Trustcore Financial Services LLC purchased a new stake in shares of Cedar Fair during the 1st quarter valued at $34,000. Finally, Horan Capital Advisors LLC. purchased a new stake in shares of Cedar Fair during the 1st quarter valued at $37,000. Institutional investors own 51.67% 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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