Cedar Fair, L.P. (NYSE:FUN) announced a quarterly dividend on Thursday, March 1st, Wall Street Journal reports. Investors of record on Friday, March 9th will be given a dividend of 0.89 per share on Monday, March 19th. This represents a $3.56 annualized dividend and a yield of 5.54%. The ex-dividend date of this dividend is Thursday, March 8th.
Cedar Fair has raised its dividend by an average of 6.6% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Cedar Fair has a payout ratio of 118.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Cedar Fair to earn $3.74 per share next year, which means the company should continue to be able to cover its $3.56 annual dividend with an expected future payout ratio of 95.2%.
Cedar Fair (NYSE FUN) opened at $64.26 on Wednesday. Cedar Fair has a twelve month low of $59.66 and a twelve month high of $72.56. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 20.02. The firm has a market capitalization of $3,668.73, a PE ratio of 15.95, a PEG ratio of 3.09 and a beta of 0.46.
In other Cedar Fair news, insider Matthew A. Ouimet sold 2,000 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $64.69, for a total value of $129,380.00. Following the transaction, the insider now owns 243,057 shares in the company, valued at $15,723,357.33. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Matthew A. Ouimet sold 4,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $67.54, for a total value of $270,160.00. Following the sale, the chairman now directly owns 231,348 shares of the company’s stock, valued at $15,625,243.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,000 shares of company stock valued at $807,000. Insiders own 2.00% of the company’s stock.
An institutional investor recently raised its position in Cedar Fair stock. The Manufacturers Life Insurance Company lifted its stake in Cedar Fair, L.P. (NYSE:FUN) by 6.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,718 shares of the company’s stock after buying an additional 108 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Cedar Fair were worth $124,000 as of its most recent SEC filing. 50.35% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the company. Zacks Investment Research upgraded Cedar Fair from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Thursday, January 18th. KeyCorp set a $77.00 target price on Cedar Fair and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Stifel Nicolaus boosted their price target on Cedar Fair from $74.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $75.20.
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Cedar Fair 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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