Cedar Fair (NYSE:FUN) Stock Price Down 3.1% – Here’s What Happened

Cedar Fair, L.P. (NYSE:FUN)’s stock price dropped 3.1% during trading on Wednesday . The stock traded as low as $44.75 and last traded at $44.84. Approximately 851,115 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 1,157,136 shares. The stock had previously closed at $46.27.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FUN. Macquarie reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Cedar Fair in a report on Thursday, November 7th. StockNews.com raised Cedar Fair from a “sell” rating to a “hold” rating in a research note on Thursday, December 26th. Citigroup boosted their price objective on Cedar Fair from $53.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a report on Friday, October 4th. Finally, Oppenheimer lowered their price target on shares of Cedar Fair from $67.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.21.

Cedar Fair Trading Down 0.4 %

The company has a debt-to-equity ratio of 1.95, a current ratio of 0.40 and a quick ratio of 0.32. The stock has a 50-day moving average price of $46.93 and a two-hundred day moving average price of $45.08. The stock has a market cap of $4.44 billion, a PE ratio of -69.16 and a beta of 1.56.

Hedge Funds Weigh In On Cedar Fair

Institutional investors have recently added to or reduced their stakes in the company. S.A. Mason LLC raised its holdings in shares of Cedar Fair by 63.1% during the 3rd quarter. S.A. Mason LLC now owns 993 shares of the company’s stock worth $40,000 after acquiring an additional 384 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position 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 worth $157,000 after purchasing an additional 1,400 shares during the last quarter. Mutual of America Capital Management LLC purchased a new stake in Cedar Fair during the third quarter valued at $260,000. Finally, Torno Capital LLC purchased a new stake in Cedar Fair during the second quarter valued at $4,413,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

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.