StockNews.com Begins Coverage on Cedar Fair (NYSE:FUN)

StockNews.com began coverage on shares of Cedar Fair (NYSE:FUN) in a research report sent to investors on Wednesday. The firm issued a hold rating on the stock.

A number of other equities research analysts have also weighed in on the company. Stifel Nicolaus dropped their price target on Cedar Fair from $68.00 to $60.00 and set a buy rating on the stock in a research note on Friday, August 9th. The Goldman Sachs Group dropped their target price on shares of Cedar Fair from $63.00 to $55.00 and set a neutral rating on the stock in a research report on Monday, August 12th. Oppenheimer raised their price target on shares of Cedar Fair from $49.00 to $67.00 and gave the stock an outperform rating in a report on Tuesday, July 2nd. Macquarie dropped their price objective on shares of Cedar Fair from $64.00 to $60.00 and set an outperform rating on the stock in a report on Friday, August 9th. Finally, B. Riley reduced their target price on Cedar Fair from $77.00 to $65.00 and set a buy rating for the company in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Cedar Fair currently has a consensus rating of Moderate Buy and an average price target of $58.82.

Cedar Fair Trading Down 4.3 %

Shares of NYSE:FUN opened at $41.68 on Wednesday. The company has a market capitalization of $2.14 billion, a PE ratio of 17.15 and a beta of 1.55. Cedar Fair has a 12-month low of $34.04 and a 12-month high of $58.70. The business’s fifty day simple moving average is $47.52 and its 200-day simple moving average is $44.39.

Cedar Fair (NYSE:FUN) last posted its earnings results on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.02. The company had revenue of $571.62 million for the quarter, compared to analyst estimates of $525.57 million. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. Research analysts predict that Cedar Fair will post 2.78 EPS for the current year.

Cedar Fair Dividend Announcement

The company also recently announced a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were issued a dividend of $1.53 per share. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s dividend payout ratio (DPR) is 49.38%.

Institutional Trading of Cedar Fair

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of Cedar Fair by 932.0% in the second quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after acquiring an additional 1,864 shares during the period. PNC Financial Services Group Inc. raised its holdings in Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after purchasing an additional 300 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in Cedar Fair by 94.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after acquiring an additional 1,400 shares in the last quarter. Brookstone Capital Management acquired a new position in Cedar Fair during the 2nd quarter worth approximately $215,000. Finally, Thrive Wealth Management LLC acquired a new position in shares of Cedar Fair during the second quarter worth $252,000. 64.65% of the stock is owned by hedge funds and other institutional investors.

About Cedar Fair

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.