Goldman Sachs Group, Inc. (The) Upgrades Cedar Fair, L.P. (FUN) to “Conviction-Buy”
Cedar Fair, L.P. (NYSE:FUN) was upgraded by stock analysts at Goldman Sachs Group, Inc. (The) from a “buy” rating to a “conviction-buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $81.00 target price on the stock. Goldman Sachs Group, Inc. (The)’s price target suggests a potential upside of 14.60% from the company’s current price.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a report on Monday, April 24th. Stifel Nicolaus initiated coverage on Cedar Fair, L.P. in a report on Thursday, April 20th. They set a “buy” rating and a $78.00 target price on the stock. Finally, SunTrust Banks, Inc. initiated coverage on Cedar Fair, L.P. in a report on Wednesday, April 12th. They issued a “hold” rating and a $72.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $71.74.
Cedar Fair, L.P. (NYSE:FUN) traded up 1.47% during trading on Monday, reaching $71.72. The company had a trading volume of 49,883 shares. The company has a 50-day moving average of $70.71 and a 200-day moving average of $66.91. The firm has a market capitalization of $4.03 billion, a P/E ratio of 25.17 and a beta of 0.57. Cedar Fair, L.P. has a 52-week low of $56.17 and a 52-week high of $72.56.
Cedar Fair, L.P. (NYSE:FUN) last announced its earnings results on Wednesday, May 3rd. The company reported ($1.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.09) by $0.04. Cedar Fair, L.P. had a return on equity of 724.36% and a net margin of 12.63%. The firm had revenue of $48.30 million for the quarter, compared to the consensus estimate of $53.62 million. During the same period in the previous year, the firm earned ($0.87) EPS. Cedar Fair, L.P.’s revenue for the quarter was down 17.3% on a year-over-year basis. Analysts expect that Cedar Fair, L.P. will post $3.55 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Monday, June 5th were issued a $0.855 dividend. The ex-dividend date was Thursday, June 1st. This represents a $3.42 annualized dividend and a dividend yield of 4.84%. Cedar Fair, L.P.’s dividend payout ratio is currently 120.00%.
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In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 15,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $70.15, for a total value of $1,052,250.00. Following the transaction, the chief executive officer now owns 220,499 shares of the company’s stock, valued at $15,468,004.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew A. Ouimet sold 9,000 shares of the company’s stock in a transaction on Tuesday, April 11th. The shares were sold at an average price of $68.13, for a total value of $613,170.00. Following the completion of the transaction, the chief executive officer now directly owns 234,299 shares in the company, valued at approximately $15,962,790.87. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC purchased a new stake in shares of Cedar Fair, L.P. during the first quarter valued at about $102,000. Dubuque Bank & Trust Co. purchased a new stake in shares of Cedar Fair, L.P. during the first quarter valued at about $188,000. Woodstock Corp purchased a new stake in shares of Cedar Fair, L.P. during the first quarter valued at about $203,000. Anchor Capital Advisors LLC purchased a new stake in shares of Cedar Fair, L.P. during the first quarter valued at about $203,000. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of Cedar Fair, L.P. by 15.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,061 shares of the company’s stock valued at $208,000 after buying an additional 400 shares during the period. 51.79% of the stock is currently owned by institutional investors.
Cedar Fair, L.P. 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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