Cedar Fair, L.P. to Post Q3 2016 Earnings of $3.37 Per Share, KeyCorp Forecasts (FUN)
Cedar Fair, L.P. (NYSE:FUN) – Analysts at KeyCorp cut their Q3 2016 earnings per share estimates for shares of Cedar Fair, L.P. in a note issued to investors on Sunday. KeyCorp analyst S. Hamann now anticipates that the firm will post earnings per share of $3.37 for the quarter, down from their prior estimate of $3.46.
Other research analysts also recently issued research reports about the company. FBR & Co reaffirmed a “buy” rating and issued a $68.00 price target (up previously from $60.00) on shares of Cedar Fair, L.P. in a research note on Friday, July 15th. Zacks Investment Research downgraded Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research note on Monday. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $69.00 price target on shares of Cedar Fair, L.P. in a research note on Wednesday, July 6th. Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $60.00 to $65.00 in a research note on Friday, July 8th. Finally, Credit Suisse Group AG reissued a “buy” rating and set a $67.00 target price on shares of Cedar Fair, L.P. in a research note on Tuesday, October 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $64.83.
Shares of Cedar Fair, L.P. (NYSE:FUN) traded down 1.0234% on Tuesday, hitting $58.0399. 49,245 shares of the stock traded hands. The stock has a 50 day moving average of $58.56 and a 200-day moving average of $58.90. The stock has a market cap of $3.25 billion, a PE ratio of 22.2546 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.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/11/cedar-fair-l-p-to-post-q3-2016-earnings-of-3-37-per-share-keycorp-forecasts-fun.html
Cedar Fair, L.P. (NYSE:FUN) last issued its earnings results on Wednesday, August 3rd. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by $0.04. The firm had revenue of $388 million for the quarter, compared to the consensus estimate of $390.43 million. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, September 6th were issued a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 5.63%. The ex-dividend date of this dividend was Thursday, September 1st.
In other news, CAO David R. Hoffman sold 7,043 shares of the business’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $60.63, for a total transaction of $427,017.09. Following the sale, the chief accounting officer now directly owns 36,611 shares in the company, valued at $2,219,724.93. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Milkie Duffield sold 6,374 shares of the business’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total value of $387,794.16. Following the sale, the vice president now owns 56,550 shares in the company, valued at $3,440,502. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in FUN. Northwestern Mutual Investment Management Company LLC boosted its stake in 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 period. Royal Bank of Canada boosted its stake in 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 period. IFP Advisors Inc boosted its stake in Cedar Fair, L.P. by 38.7% in the second quarter. IFP Advisors Inc now owns 6,839 shares of the company’s stock valued at $395,000 after buying an additional 1,908 shares during the period. Stifel Financial Corp boosted its stake in Cedar Fair, L.P. by 0.5% in the second quarter. Stifel Financial Corp now owns 165,403 shares of the company’s stock valued at $9,565,000 after buying an additional 858 shares during the period. Finally, Land & Buildings Investment Management LLC purchased a new stake in Cedar Fair, L.P. during the second quarter valued at $4,199,000.
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.
Receive News & Ratings for Cedar Fair L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cedar Fair L.P. and related companies with MarketBeat.com's FREE daily email newsletter.