$658.44 Million in Sales Expected for Cedar Fair, L.P. (FUN) This Quarter
Wall Street analysts expect Cedar Fair, L.P. (NYSE:FUN) to post $658.44 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for Cedar Fair, L.P.’s earnings, with the lowest sales estimate coming in at $643.80 million and the highest estimate coming in at $666.77 million. Cedar Fair, L.P. reported sales of $650.28 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.3%. The firm is expected to report its next earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Cedar Fair, L.P. will report full year sales of $658.44 million for the current year, with estimates ranging from $1.31 billion to $1.34 billion. For the next fiscal year, analysts forecast that the firm will post sales of $1.38 billion per share, with estimates ranging from $1.35 billion to $1.40 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Cedar Fair, L.P..
Cedar Fair, L.P. (NYSE:FUN) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $392.80 million for the quarter, compared to analyst estimates of $405.78 million. During the same quarter last year, the company earned $1.03 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis.
Several research analysts recently weighed in on FUN shares. Zacks Investment Research lowered shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub upgraded shares of Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Goldman Sachs Group, Inc. (The) downgraded shares of Cedar Fair, L.P. from a “conviction-buy” rating to a “buy” rating and set a $75.00 price objective on the stock. in a report on Wednesday. Stifel Nicolaus reiterated a “buy” rating and issued a $78.00 price objective on shares of Cedar Fair, L.P. in a report on Friday, July 7th. Finally, KeyCorp reiterated an “overweight” rating and issued a $74.00 price objective on shares of Cedar Fair, L.P. in a report on Wednesday, August 30th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $74.38.
In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 9,100 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 200,799 shares of the company’s stock, valued at $13,833,043.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Klein bought 7,000 shares of the stock in a transaction on Tuesday, August 8th. The shares were acquired at an average cost of $66.13 per share, with a total value of $462,910.00. Following the purchase, the director now owns 24,960 shares of the company’s stock, valued at approximately $1,650,604.80. The disclosure for this purchase can be found here. In the last three months, insiders sold 14,100 shares of company stock valued at $957,099. 2.00% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in FUN. Ameriprise Financial Inc. increased its position in Cedar Fair, L.P. by 25.2% during the 1st quarter. Ameriprise Financial Inc. now owns 13,655 shares of the company’s stock valued at $924,000 after purchasing an additional 2,750 shares during the period. JPMorgan Chase & Co. increased its position in Cedar Fair, L.P. by 79.4% during the 1st quarter. JPMorgan Chase & Co. now owns 70,336 shares of the company’s stock valued at $4,769,000 after purchasing an additional 31,137 shares during the period. Clinton Group Inc. acquired a new stake in Cedar Fair, L.P. during the 1st quarter valued at approximately $361,000. FMR LLC increased its position in Cedar Fair, L.P. by 57.0% during the 1st quarter. FMR LLC now owns 2,841,330 shares of the company’s stock valued at $192,671,000 after purchasing an additional 1,031,160 shares during the period. Finally, Anchor Capital Advisors LLC acquired a new stake in Cedar Fair, L.P. during the 1st quarter valued at approximately $203,000. 51.46% of the stock is owned by institutional investors.
Cedar Fair, L.P. (NYSE FUN) opened at 63.63 on Thursday. The company has a 50-day moving average price of $65.43 and a 200 day moving average price of $68.55. Cedar Fair, L.P. has a 12-month low of $56.23 and a 12-month high of $72.56. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 26.69 and a beta of 0.48.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were given a dividend of $0.855 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $3.42 dividend on an annualized basis and a yield of 5.37%. Cedar Fair, L.P.’s dividend payout ratio (DPR) is 144.30%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.