Cedar Fair, L.P. (FUN) Cut to “Sell” at Zacks Investment Research
Cedar Fair, L.P. (NYSE:FUN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
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. “
Several other research analysts have also weighed in on FUN. Janney Montgomery Scott reissued a “buy” rating and set a $69.00 price target on shares of Cedar Fair, L.P. in a research report on Wednesday, July 6th. Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and upped their price target for the company from $60.00 to $65.00 in a research report on Friday, July 8th. FBR & Co reissued a “buy” rating and set a $68.00 price target (up from $60.00) on shares of Cedar Fair, L.P. in a research report on Friday, July 15th. Credit Suisse Group AG set a $67.00 price target on Cedar Fair, L.P. and gave the company a “buy” rating in a research report on Monday, September 12th. Finally, Wedbush lowered Cedar Fair, L.P. from an “outperform” rating to a “neutral” rating in a research report on Friday, September 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $64.83.
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Shares of Cedar Fair, L.P. (NYSE:FUN) traded up 1.09% during midday trading on Monday, reaching $58.64. 143,396 shares of the company traded hands. The stock’s 50-day moving average is $58.56 and its 200-day moving average is $58.90. Cedar Fair, L.P. has a 1-year low of $48.46 and a 1-year high of $63.40. The stock has a market capitalization of $3.29 billion, a P/E ratio of 22.48 and a beta of 0.72.
Cedar Fair, L.P. (NYSE:FUN) last announced its earnings results on Wednesday, August 3rd. The company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by $0.04. The firm earned $388 million during the quarter, compared to the consensus estimate of $390.43 million. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 earnings per share. Equities analysts predict that Cedar Fair, L.P. will post $3.64 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, September 6th were paid a dividend of $0.825 per share. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $3.30 annualized dividend and a dividend yield of 5.63%.
In related news, VP Milkie Duffield sold 6,374 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total transaction of $387,794.16. Following the completion of the sale, the vice president now owns 56,550 shares in the company, valued at approximately $3,440,502. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO David R. Hoffman sold 7,043 shares of the stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $60.63, for a total value of $427,017.09. Following the sale, the chief accounting officer now owns 36,611 shares of the company’s stock, valued at approximately $2,219,724.93. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in FUN. FMR LLC increased its stake in shares of Cedar Fair, L.P. by 4.3% in the second quarter. FMR LLC now owns 1,682,622 shares of the company’s stock valued at $97,289,000 after buying an additional 68,850 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Cedar Fair, L.P. by 3.4% in the second quarter. Royal Bank of Canada now owns 952,852 shares of the company’s stock valued at $55,094,000 after buying an additional 31,547 shares during the last quarter. Credit Suisse AG increased its stake in shares of Cedar Fair, L.P. by 1.2% in the second quarter. Credit Suisse AG now owns 740,183 shares of the company’s stock valued at $42,798,000 after buying an additional 8,637 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Cedar Fair, L.P. by 30.1% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 540,890 shares of the company’s stock valued at $31,274,000 after buying an additional 125,082 shares during the last quarter. Finally, Janus Capital Management LLC increased its stake in shares of Cedar Fair, L.P. by 1.2% in the second quarter. Janus Capital Management LLC now owns 507,069 shares of the company’s stock valued at $29,319,000 after buying an additional 6,203 shares during the last quarter.
About Cedar Fair, L.P.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns approximately 10 amusement parks, three outdoor water parks, an indoor water park and five hotels. The Company operates through amusement/water parks with accompanying resort facilities segment. Its amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada’s Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (Dorney Park), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St.
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