Cedar Fair (NYSE:FUN) Cut to Neutral at B. Riley

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B. Riley cut shares of Cedar Fair (NYSE:FUN) from a buy rating to a neutral rating in a research note published on Monday morning, BenzingaRatingsTable reports. They currently have $57.00 target price on the stock, down from their previous target price of $60.00. B. Riley also issued estimates for Cedar Fair’s Q4 2019 earnings at $0.08 EPS, FY2019 earnings at $3.05 EPS, Q4 2020 earnings at $0.31 EPS, FY2020 earnings at $3.40 EPS and FY2021 earnings at $3.77 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 Friday, November 15th. SunTrust Banks upgraded shares of Cedar Fair from a hold rating to a buy rating and set a $64.00 target price on the stock in a report on Thursday, August 22nd. TheStreet raised shares of Cedar Fair from a c rating to a b- rating in a research report on Thursday, August 29th. Zacks Investment Research upgraded Cedar Fair from a hold rating to a buy rating and set a $62.00 price target for the company in a research note on Thursday, October 31st. Finally, KeyCorp decreased their price objective on Cedar Fair from $70.00 to $67.00 and set an overweight rating for the company in a report on Monday, August 19th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $62.00.

Shares of FUN traded down $0.60 during trading hours on Monday, reaching $53.74. The stock had a trading volume of 13,692 shares, compared to its average volume of 293,311. Cedar Fair has a 12 month low of $45.58 and a 12 month high of $64.86. The firm has a 50-day simple moving average of $56.11 and a 200 day simple moving average of $53.43. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 50.48. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 2.54 and a beta of 0.48.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $3.34 EPS for the quarter, missing the Zacks’ consensus estimate of $3.46 by ($0.12). Cedar Fair had a net margin of 10.02% and a negative return on equity of 528.93%. The business had revenue of $714.50 million for the quarter, compared to the consensus estimate of $684.43 million. During the same quarter last year, the firm posted $3.76 EPS. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts forecast that Cedar Fair will post 3.14 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Wednesday, December 4th will be given a $0.935 dividend. This is a positive change from Cedar Fair’s previous quarterly dividend of $0.93. This represents a $3.74 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date of this dividend is Tuesday, December 3rd. Cedar Fair’s dividend payout ratio is presently 123.84%.

A number of large investors have recently modified their holdings of the business. Brookstone Capital Management grew its stake in shares of Cedar Fair by 18.6% in the 2nd quarter. Brookstone Capital Management now owns 14,832 shares of the company’s stock worth $707,000 after acquiring an additional 2,329 shares in the last quarter. Edge Capital Group LLC boosted its holdings in Cedar Fair by 26.5% during the second quarter. Edge Capital Group LLC now owns 8,350 shares of the company’s stock worth $398,000 after purchasing an additional 1,750 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in Cedar Fair in the 2nd quarter worth about $102,000. Creative Planning grew its position in Cedar Fair by 9.4% in the 2nd quarter. Creative Planning now owns 6,521 shares of the company’s stock worth $311,000 after purchasing an additional 558 shares in the last quarter. Finally, Optimum Investment Advisors increased its stake in Cedar Fair by 10.8% in the 2nd quarter. Optimum Investment Advisors now owns 2,049 shares of the company’s stock valued at $98,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 51.97% of the company’s stock.

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.

Featured Article: Neutral Rating

Analyst Recommendations for Cedar Fair (NYSE:FUN)

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