Cedar Fair (FUN) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cedar Fair (NYSE:FUN) from a sell rating to a hold rating in a research note released on Tuesday, January 9th.

According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “

Other equities analysts also recently issued research reports about the stock. KeyCorp reissued a buy rating and set a $74.00 price objective on shares of Cedar Fair in a research note on Tuesday, October 24th. B. Riley reissued a buy rating on shares of Cedar Fair in a research note on Friday, November 3rd. Finally, Goldman Sachs Group downgraded shares of Cedar Fair from a conviction-buy rating to a buy rating and set a $75.00 price objective on the stock. in a research note on Wednesday, October 4th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $74.38.

Cedar Fair (NYSE FUN) traded down $0.10 during mid-day trading on Tuesday, hitting $64.53. 123,163 shares of the stock traded hands, compared to its average volume of 104,507. The firm has a market capitalization of $3,630.00, a price-to-earnings ratio of 24.26, a PEG ratio of 3.22 and a beta of 0.52. Cedar Fair has a twelve month low of $59.66 and a twelve month high of $72.56. The company has a quick ratio of 1.06, a current ratio of 1.18 and a debt-to-equity ratio of 22.05.

Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Thursday, November 2nd. The company reported $3.38 EPS for the quarter, missing the consensus estimate of $3.56 by ($0.18). The business had revenue of $652.69 million during the quarter, compared to analyst estimates of $652.98 million. Cedar Fair had a net margin of 29.31% and a return on equity of 10,480.89%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.10 earnings per share. sell-side analysts expect that Cedar Fair will post 3 EPS for the current year.

In other Cedar Fair news, CEO Matthew A. Ouimet sold 6,000 shares of the stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $67.91, for a total transaction of $407,460.00. Following the transaction, the chief executive officer now owns 215,353 shares of the company’s stock, valued at $14,624,622.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew A. Ouimet sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $66.40, for a total transaction of $265,600.00. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Several hedge funds have recently modified their holdings of FUN. Janus Henderson Group PLC purchased a new position in shares of Cedar Fair in the 2nd quarter valued at $145,981,000. FMR LLC raised its stake in shares of Cedar Fair by 42.9% in the 2nd quarter. FMR LLC now owns 4,061,429 shares of the company’s stock valued at $292,829,000 after acquiring an additional 1,220,099 shares during the period. ING Groep NV raised its stake in shares of Cedar Fair by 163.3% in the 3rd quarter. ING Groep NV now owns 283,956 shares of the company’s stock valued at $18,207,000 after acquiring an additional 176,100 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Cedar Fair by 12.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 486,339 shares of the company’s stock valued at $35,065,000 after acquiring an additional 52,085 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Cedar Fair by 42.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 158,223 shares of the company’s stock valued at $10,246,000 after acquiring an additional 46,853 shares during the period. 49.97% of the stock is currently owned by institutional investors and hedge funds.

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Cedar Fair Company Profile

Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.

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