Cedar Fair, L.P. (FUN) Downgraded by Zacks Investment Research
Cedar Fair, L.P. (NYSE:FUN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and 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 also recently issued reports about the company. Stifel Nicolaus initiated coverage on Cedar Fair, L.P. in a research report on Thursday, April 20th. They issued a “buy” rating and a $78.00 price target for the company. BidaskClub downgraded Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) restated a “buy” rating and issued a $81.00 price target on shares of Cedar Fair, L.P. in a research report on Tuesday, July 4th. Finally, SunTrust Banks, Inc. initiated coverage on Cedar Fair, L.P. in a research report on Wednesday, April 12th. They issued a “hold” rating and a $72.00 price target for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. Cedar Fair, L.P. presently has a consensus rating of “Hold” and an average target price of $74.75.
Shares of Cedar Fair, L.P. (NYSE:FUN) traded down 0.36% during midday trading on Monday, hitting $66.22. 212,388 shares of the stock were exchanged. The firm’s 50-day moving average is $70.48 and its 200 day moving average is $68.63. Cedar Fair, L.P. has a 52-week low of $56.23 and a 52-week high of $72.56. The firm has a market cap of $3.72 billion, a PE ratio of 27.78 and a beta of 0.50.
Cedar Fair, L.P. (NYSE:FUN) last posted its earnings results on Wednesday, August 2nd. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by $0.20. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. The business had revenue of $392.80 million during the quarter, compared to analysts’ expectations of $405.78 million. During the same period last year, the business posted $1.03 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, analysts forecast that Cedar Fair, L.P. will post $3.55 earnings per share for the current year.
In other news, CEO Matthew A. Ouimet sold 9,100 shares of Cedar Fair, L.P. stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $68.89, for a total transaction of $626,899.00. Following the completion of the sale, the chief executive officer now directly owns 200,799 shares in the company, valued at $13,833,043.11. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew A. Ouimet sold 12,000 shares of Cedar Fair, L.P. stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $71.20, for a total value of $854,400.00. Following the sale, the chief executive officer now owns 207,299 shares of the company’s stock, valued at $14,759,688.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,100 shares of company stock valued at $2,533,549. 2.00% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in Cedar Fair, L.P. during the first quarter valued at $102,000. Solaris Asset Management LLC increased its stake in Cedar Fair, L.P. by 8.4% in the second quarter. Solaris Asset Management LLC now owns 1,545 shares of the company’s stock valued at $111,000 after buying an additional 120 shares during the period. Peddock Capital Advisors LLC acquired a new stake in Cedar Fair, L.P. during the second quarter valued at $144,000. Picton Mahoney Asset Management acquired a new stake in Cedar Fair, L.P. during the third quarter valued at $155,000. Finally, Dubuque Bank & Trust Co. acquired a new stake in Cedar Fair, L.P. during the first quarter valued at $188,000. Institutional investors and hedge funds own 51.77% of the company’s stock.
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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