B. Riley Increases Cedar Fair (NYSE:FUN) Price Target to $59.00

Cedar Fair (NYSE:FUN) had its target price increased by B. Riley from $52.00 to $59.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

FUN has been the subject of a number of other reports. Stifel Nicolaus boosted their target price on shares of Cedar Fair from $49.00 to $52.00 and gave the company a buy rating in a research note on Friday, February 16th. StockNews.com assumed coverage on shares of Cedar Fair in a research note on Saturday, June 8th. They issued a buy rating for the company. Mizuho lowered their price objective on shares of Cedar Fair from $56.00 to $55.00 and set a buy rating for the company in a research note on Wednesday, May 15th. Truist Financial upped their price objective on shares of Cedar Fair from $45.00 to $50.00 and gave the stock a buy rating in a research note on Friday, May 10th. Finally, KeyCorp upped their price objective on shares of Cedar Fair from $49.00 to $52.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $51.10.

Cedar Fair Trading Down 0.6 %

Shares of FUN opened at $46.73 on Wednesday. The firm has a market capitalization of $2.39 billion, a P/E ratio of 19.23 and a beta of 1.45. Cedar Fair has a 12-month low of $34.04 and a 12-month high of $47.60. The firm has a fifty day moving average price of $41.78 and a 200-day moving average price of $40.84.

Cedar Fair (NYSE:FUN) last issued its earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The company had revenue of $101.62 million for the quarter, compared to analysts’ expectations of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. Analysts predict that Cedar Fair will post 3.47 earnings per share for the current year.

Cedar Fair Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.20 dividend on an annualized basis and a yield of 2.57%. Cedar Fair’s dividend payout ratio is presently 49.38%.

Hedge Funds Weigh In On Cedar Fair

A number of large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in Cedar Fair by 15.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock worth $159,553,000 after purchasing an additional 539,352 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Cedar Fair by 50.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock valued at $124,718,000 after purchasing an additional 1,130,439 shares during the last quarter. UBS Group AG raised its position in shares of Cedar Fair by 313.7% in the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after purchasing an additional 2,310,565 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Cedar Fair in the 3rd quarter valued at approximately $25,215,000. Finally, Impala Asset Management LLC raised its position in shares of Cedar Fair by 21.9% in the 3rd quarter. Impala Asset Management LLC now owns 379,040 shares of the company’s stock valued at $14,024,000 after purchasing an additional 68,150 shares during the last quarter. 64.65% of the stock is currently owned by institutional investors.

Cedar Fair Company Profile

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. 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, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.