Cedar Fair (NYSE:FUN) Trading Down 4.9%

Cedar Fair, L.P. (NYSE:FUN)’s stock price dropped 4.9% on Wednesday . The stock traded as low as $52.72 and last traded at $52.72. Approximately 319,133 shares changed hands during trading, a decline of 33% from the average daily volume of 473,452 shares. The stock had previously closed at $55.42.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. StockNews.com started coverage on Cedar Fair in a report on Wednesday. They issued a “hold” rating for the company. Oppenheimer raised their price objective on Cedar Fair from $49.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. Morgan Stanley increased their price objective on shares of Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, July 1st. Finally, Truist Financial began coverage on Cedar Fair in a research note on Tuesday. They issued a “buy” rating and a $62.00 price objective on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average target price of $55.10.

Cedar Fair Price Performance

The company has a fifty day moving average price of $46.57 and a 200 day moving average price of $42.56. The stock has a market cap of $2.72 billion, a P/E ratio of 22.76 and a beta of 1.53.

Cedar Fair (NYSE:FUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($2.47) earnings per share for the quarter, missing the consensus estimate of ($2.40) by ($0.07). The business had revenue of $101.62 million for the quarter, compared to analyst estimates of $91.97 million. Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. As a group, sell-side analysts expect that Cedar Fair, L.P. will post 3.41 earnings per share for the current fiscal year.

Cedar Fair Announces Dividend

The firm also recently declared a Variable dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 28th were given a $1.53 dividend. The ex-dividend date was Friday, June 28th. Cedar Fair’s payout ratio is 49.38%.

Institutional Trading of Cedar Fair

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC boosted its position in shares of Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after buying an additional 1,864 shares during the last quarter. HM Payson & Co. purchased a new position in Cedar Fair during the 1st quarter worth $332,000. Aurora Investment Counsel grew its stake in shares of Cedar Fair by 1.7% in the 1st quarter. Aurora Investment Counsel now owns 15,077 shares of the company’s stock worth $632,000 after acquiring an additional 253 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of Cedar Fair by 10.9% in the first quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock valued at $288,000 after purchasing an additional 675 shares during the last quarter. Finally, HAP Trading LLC bought a new stake in Cedar Fair in the 1st quarter worth about $1,329,000. 64.65% of the stock is 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.