Shares of Cedar Fair, L.P. (NYSE:FUN) have been given a consensus recommendation of “Buy” by the eight brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $62.80.
FUN has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Cedar Fair from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a report on Tuesday, September 10th. KeyCorp reduced their price target on Cedar Fair from $70.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, August 19th. SunTrust Banks upgraded shares of Cedar Fair from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Thursday, August 22nd. ValuEngine downgraded shares of Cedar Fair from a “hold” rating to a “sell” rating in a research report on Saturday, September 14th. Finally, Wedbush set a $60.00 price objective on shares of Cedar Fair and gave the stock a “buy” rating in a research report on Thursday, September 12th.
Hedge funds have recently modified their holdings of the business. Invesco Ltd. raised its position in shares of Cedar Fair by 3,640.3% in the second quarter. Invesco Ltd. now owns 1,301,349 shares of the company’s stock valued at $62,061,000 after buying an additional 1,266,556 shares in the last quarter. Morgan Stanley raised its position in shares of Cedar Fair by 50.2% in the second quarter. Morgan Stanley now owns 1,964,246 shares of the company’s stock valued at $93,675,000 after buying an additional 656,131 shares in the last quarter. MARSHALL WACE ASIA Ltd raised its position in shares of Cedar Fair by 42.9% in the first quarter. MARSHALL WACE ASIA Ltd now owns 684,943 shares of the company’s stock valued at $36,042,000 after buying an additional 205,534 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its position in shares of Cedar Fair by 10.4% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 751,561 shares of the company’s stock valued at $35,842,000 after buying an additional 70,597 shares in the last quarter. Finally, Man Group plc raised its position in shares of Cedar Fair by 77.8% in the second quarter. Man Group plc now owns 146,251 shares of the company’s stock valued at $6,975,000 after buying an additional 63,986 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.
Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.25. Cedar Fair had a negative return on equity of 939.99% and a net margin of 12.03%. The business had revenue of $436.19 million during the quarter, compared to analysts’ expectations of $410.86 million. During the same quarter last year, the company posted $0.34 earnings per share. Cedar Fair’s quarterly revenue was up 14.7% on a year-over-year basis. Research analysts forecast that Cedar Fair will post 3.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.925 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $3.70 annualized dividend and a yield of 6.69%. Cedar Fair’s dividend payout ratio (DPR) is presently 122.52%.
Cedar Fair Company Profile
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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