Cedar Fair, L.P. (FUN) Expected to Post Quarterly Sales of $665.52 Million
Brokerages forecast that Cedar Fair, L.P. (NYSE:FUN) will announce $665.52 million in sales for the current quarter, according to Zacks. Seven analysts have issued estimates for Cedar Fair, L.P.’s earnings. The lowest sales estimate is $649.80 million and the highest is $693.40 million. Cedar Fair, L.P. posted sales of $650.28 million during the same quarter last year, which suggests a positive year-over-year growth rate of 2.3%. The company is scheduled to report its next quarterly earnings report on Wednesday, November 1st.
On average, analysts expect that Cedar Fair, L.P. will report full year sales of $665.52 million for the current year, with estimates ranging from $1.31 billion to $1.37 billion. For the next year, analysts forecast that the business will report sales of $1.38 billion per share, with estimates ranging from $1.35 billion to $1.43 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Cedar Fair, L.P..
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.82 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 in the previous year, the business posted $1.03 EPS. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year.
A number of analysts have recently issued reports on FUN shares. Zacks Investment Research cut Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a report on Monday, July 31st. BidaskClub cut Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $81.00 target price on shares of Cedar Fair, L.P. in a report on Tuesday, July 4th. FBR & Co reiterated a “buy” rating on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $74.00 target price (down previously from $75.00) on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Cedar Fair, L.P. presently has a consensus rating of “Buy” and a consensus price target of $74.22.
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Cedar Fair, L.P. (FUN) opened at 64.62 on Friday. The stock has a 50 day moving average of $66.26 and a 200 day moving average of $68.88. Cedar Fair, L.P. has a 1-year low of $56.23 and a 1-year high of $72.56. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of 27.11 and a beta of 0.50.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were issued a $0.855 dividend. This represents a $3.42 dividend on an annualized basis and a yield of 5.29%. The ex-dividend date was Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio is presently 144.30%.
In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $66.80, for a total value of $200,400.00. Following the completion of the transaction, the chief executive officer now owns 195,199 shares in the company, valued at approximately $13,039,293.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Klein purchased 7,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was bought at an average price of $66.13 per share, with a total value of $462,910.00. Following the acquisition, the director now owns 24,960 shares in the company, valued at $1,650,604.80. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 24,100 shares of company stock valued at $1,681,699. 2.00% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC boosted its holdings in Cedar Fair, L.P. by 10.7% in the 2nd quarter. Advisory Services Network LLC now owns 1,660 shares of the company’s stock worth $120,000 after acquiring an additional 160 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Cedar Fair, L.P. by 3.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 16,531 shares of the company’s stock worth $1,192,000 after acquiring an additional 517 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Cedar Fair, L.P. by 6.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,718 shares of the company’s stock worth $124,000 after acquiring an additional 108 shares during the period. Osterweis Capital Management Inc. boosted its holdings in Cedar Fair, L.P. by 7.8% in the 2nd quarter. Osterweis Capital Management Inc. now owns 389,556 shares of the company’s stock worth $28,087,000 after acquiring an additional 28,235 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in Cedar Fair, L.P. in the 2nd quarter worth approximately $145,981,000. Hedge funds and other institutional investors own 51.53% of the company’s stock.
About Cedar Fair, L.P.
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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