Zacks Investment Research Lowers Cedar Fair, L.P. (FUN) to Sell
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. “
Other analysts have also recently issued research reports about the company. FBR & Co reissued a “buy” rating and set a $68.00 price objective (up previously from $60.00) on shares of Cedar Fair, L.P. in a report on Friday, July 15th. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $69.00 price target on shares of Cedar Fair, L.P. in a report on Wednesday, July 6th. Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and raised their price target for the company from $60.00 to $65.00 in a report on Friday, July 8th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $67.00 price target on shares of Cedar Fair, L.P. in a report on Tuesday, October 4th. Finally, Wedbush cut Cedar Fair, L.P. from an “outperform” rating to a “neutral” rating in a report on Friday, September 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $64.83.
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Cedar Fair, L.P. (NYSE:FUN) traded up 1.09% during trading on Monday, hitting $58.64. The company had a trading volume of 143,396 shares. The company’s 50 day moving average price is $58.56 and its 200-day moving average price is $58.90. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 22.48 and a beta of 0.72. Cedar Fair, L.P. has a 1-year low of $48.46 and a 1-year high of $63.40.
Cedar Fair, L.P. (NYSE:FUN) last issued its quarterly earnings data 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 company earned $388 million during the quarter, compared to analyst estimates of $390.43 million. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.02 earnings per share. On average, analysts expect that Cedar Fair, L.P. will post $3.64 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, September 6th were given 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 other news, VP Milkie Duffield sold 6,374 shares of the stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total transaction of $387,794.16. Following the transaction, the vice president now directly owns 56,550 shares in the company, valued at approximately $3,440,502. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David R. Hoffman sold 7,043 shares of the stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $60.63, for a total value of $427,017.09. Following the transaction, the chief accounting officer now owns 36,611 shares in the company, valued at $2,219,724.93. The disclosure for this sale can be found here.
Institutional investors have recently bought and sold shares of the company. Boston Advisors LLC raised its position in Cedar Fair, L.P. by 0.5% in the second quarter. Boston Advisors LLC now owns 19,323 shares of the company’s stock valued at $1,117,000 after buying an additional 103 shares during the last quarter. Bank of Montreal Can bought a new position in Cedar Fair, L.P. during the second quarter valued at about $3,232,000. Naples Global Advisors LLC raised its position in Cedar Fair, L.P. by 50.5% in the second quarter. Naples Global Advisors LLC now owns 14,105 shares of the company’s stock valued at $816,000 after buying an additional 4,730 shares during the last quarter. First Republic Investment Management Inc. raised its position in Cedar Fair, L.P. by 31.4% in the first quarter. First Republic Investment Management Inc. now owns 9,461 shares of the company’s stock valued at $562,000 after buying an additional 2,260 shares during the last quarter. Finally, Royal Bank of Canada raised its position in Cedar Fair, L.P. by 5.1% in the first quarter. Royal Bank of Canada now owns 921,305 shares of the company’s stock valued at $54,773,000 after buying an additional 44,427 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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