Q3 2017 EPS Estimates for Cedar Fair, L.P. Cut by Analyst (FUN)
Cedar Fair, L.P. (NYSE:FUN) – Equities researchers at SunTrust Banks lowered their Q3 2017 earnings per share estimates for Cedar Fair, L.P. in a research report issued on Thursday. SunTrust Banks analyst M. Swartz now anticipates that the company will earn $3.17 per share for the quarter, down from their previous forecast of $3.36. SunTrust Banks also issued estimates for Cedar Fair, L.P.’s FY2017 earnings at $2.79 EPS and FY2018 earnings at $3.44 EPS.
Cedar Fair, L.P. (NYSE:FUN) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.02 by $0.20. Cedar Fair, L.P. had a return on equity of 1,048.17% and a net margin of 10.50%. The business had revenue of $392.80 million for the quarter, compared to the consensus estimate of $405.78 million. During the same quarter in the prior year, the company earned $1.03 earnings per share. Cedar Fair, L.P.’s quarterly revenue was up 1.2% compared to the same quarter last year.
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Several other equities analysts have also recently weighed in on FUN. BidaskClub cut Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Stifel Nicolaus reiterated a “buy” rating and issued a $74.00 price target (down from $75.00) on shares of Cedar Fair, L.P. in a research report on Thursday. FBR & Co reissued a “buy” rating on shares of Cedar Fair, L.P. in a research note on Thursday. Zacks Investment Research raised Cedar Fair, L.P. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Finally, KeyCorp reissued an “overweight” rating and set a $74.00 price objective on shares of Cedar Fair, L.P. in a research note on Wednesday, August 30th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $74.22.
Shares of Cedar Fair, L.P. (NYSE FUN) opened at 63.32 on Monday. The company has a market capitalization of $3.56 billion, a P/E ratio of 26.56 and a beta of 0.50. The company’s 50 day moving average price is $66.90 and its 200 day moving average price is $69.00. Cedar Fair, L.P. has a 12 month low of $56.23 and a 12 month high of $72.56.
A number of large investors have recently bought and sold shares of the stock. FMR LLC boosted its stake in Cedar Fair, L.P. by 42.9% during the second quarter. FMR LLC now owns 4,061,429 shares of the company’s stock valued at $292,829,000 after buying an additional 1,220,099 shares during the period. OppenheimerFunds Inc. lifted its stake in Cedar Fair, L.P. by 8.5% during the first quarter. OppenheimerFunds Inc. now owns 2,140,592 shares of the company’s stock worth $145,153,000 after purchasing an additional 166,891 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Cedar Fair, L.P. during the second quarter worth about $145,981,000. Royal Bank of Canada lifted its stake in Cedar Fair, L.P. by 3.5% during the second quarter. Royal Bank of Canada now owns 1,004,551 shares of the company’s stock worth $72,427,000 after purchasing an additional 34,144 shares during the last quarter. Finally, Janus Capital Management LLC lifted its stake in Cedar Fair, L.P. by 4.4% during the first quarter. Janus Capital Management LLC now owns 625,955 shares of the company’s stock worth $42,446,000 after purchasing an additional 26,315 shares during the last quarter. 51.53% of the stock is owned by institutional investors.
In related 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 owns 200,799 shares of the company’s stock, valued at $13,833,043.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew A. Ouimet sold 12,000 shares of Cedar Fair, L.P. stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $71.20, for a total value of $854,400.00. Following the sale, the chief executive officer now directly owns 207,299 shares of the company’s stock, valued at approximately $14,759,688.80. The disclosure for this sale can be found here. Insiders have sold 24,100 shares of company stock valued at $1,681,699 in the last three months. 2.00% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be paid a dividend of $0.855 per share. This represents a $3.42 annualized dividend and a yield of 5.40%. The ex-dividend date of this dividend is Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio is 144.30%.
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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