Cedar Fair, L.P. (NYSE:FUN) – Equities research analysts at B. Riley lowered their Q2 2021 earnings per share estimates for shares of Cedar Fair in a report released on Monday, March 23rd. B. Riley analyst E. Wold now forecasts that the company will earn $1.14 per share for the quarter, down from their previous estimate of $1.23. B. Riley has a “Neutral” rating and a $22.00 price objective on the stock. B. Riley also issued estimates for Cedar Fair’s Q3 2021 earnings at $3.35 EPS and Q4 2021 earnings at $0.06 EPS.
Other research analysts have also recently issued reports about the stock. ValuEngine upgraded shares of Cedar Fair from a “sell” rating to a “hold” rating in a report on Tuesday. TheStreet cut shares of Cedar Fair from a “b-” rating to a “c” rating in a report on Wednesday, February 19th. Finally, Zacks Investment Research cut shares of Cedar Fair from a “hold” rating to a “sell” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $55.00.
Cedar Fair (NYSE:FUN) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). The business had revenue of $257.25 million for the quarter, compared to analyst estimates of $267.47 million. Cedar Fair had a net margin of 11.69% and a negative return on equity of 395.23%.
A number of institutional investors have recently added to or reduced their stakes in FUN. Belpointe Asset Management LLC boosted its stake in Cedar Fair by 17.0% in the fourth quarter. Belpointe Asset Management LLC now owns 15,644 shares of the company’s stock valued at $867,000 after acquiring an additional 2,270 shares during the last quarter. Boenning & Scattergood Inc. boosted its stake in Cedar Fair by 2.2% in the fourth quarter. Boenning & Scattergood Inc. now owns 9,163 shares of the company’s stock valued at $508,000 after acquiring an additional 196 shares during the last quarter. First Hawaiian Bank boosted its stake in Cedar Fair by 28.7% in the fourth quarter. First Hawaiian Bank now owns 9,344 shares of the company’s stock valued at $518,000 after acquiring an additional 2,085 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Cedar Fair by 66.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 18,789 shares of the company’s stock valued at $1,042,000 after acquiring an additional 7,473 shares during the last quarter. Finally, Ancora Advisors LLC purchased a new position in Cedar Fair in the fourth quarter valued at about $97,000. Institutional investors and hedge funds own 50.38% of the company’s stock.
In other news, CAO David R. Hoffman purchased 1,500 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were acquired at an average cost of $37.58 per share, for a total transaction of $56,370.00. Also, COO Tim Fisher purchased 3,660 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average price of $27.33 per share, for a total transaction of $100,027.80. Following the completion of the acquisition, the chief operating officer now owns 24,153 shares of the company’s stock, valued at approximately $660,101.49. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 28,130 shares of company stock worth $1,008,559. 2.20% of the stock is owned by corporate insiders.
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 17th. Investors of record on Wednesday, March 4th were issued a dividend of $0.935 per share. This represents a $3.74 annualized dividend and a yield of 14.95%. The ex-dividend date of this dividend was Tuesday, March 3rd. Cedar Fair’s dividend payout ratio (DPR) is presently 121.43%.
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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