Cedar Fair, L.P. (FUN) Announces Earnings Results, Misses Expectations By $0.18 EPS
Cedar Fair, L.P. (NYSE:FUN) announced its quarterly earnings results on Thursday. The company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.56 by ($0.18), Briefing.com reports. Cedar Fair, L.P. had a net margin of 11.75% and a negative return on equity of 1,055.06%. The company had revenue of $652.69 million during the quarter, compared to analysts’ expectations of $652.98 million. During the same period last year, the firm earned $3.10 earnings per share. Cedar Fair, L.P.’s revenue was up .4% on a year-over-year basis.
Shares of Cedar Fair, L.P. (FUN) traded up $2.95 on Friday, reaching $65.76. 41,438 shares of the company’s stock traded hands, compared to its average volume of 167,291. The company has a market cap of $3,679.09, a price-to-earnings ratio of 22.18 and a beta of 0.51.
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FUN has been the subject of a number of research reports. KeyCorp reissued a “buy” rating and issued a $74.00 price target on shares of Cedar Fair, L.P. in a research report on Tuesday, October 24th. Zacks Investment Research upgraded shares of Cedar Fair, L.P. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Goldman Sachs Group, Inc. (The) lowered 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 research note on Wednesday, October 4th. Stifel Nicolaus reiterated a “buy” rating and set a $74.00 price target (down from $75.00) on shares of Cedar Fair, L.P. in a research note on Thursday, September 7th. Finally, FBR & Co reiterated a “buy” rating on shares of Cedar Fair, L.P. in a research note on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Cedar Fair, L.P. 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 3,000 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $66.80, for a total transaction of $200,400.00. Following the transaction, the chief executive officer now directly owns 195,199 shares in the company, valued at $13,039,293.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew A. Ouimet sold 2,000 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $64.90, for a total transaction of $129,800.00. Following the transaction, the chief executive officer now owns 193,199 shares in the company, valued at $12,538,615.10. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
An institutional investor recently raised its position in Cedar Fair, L.P. stock. The Manufacturers Life Insurance Company raised its holdings in Cedar Fair, L.P. (NYSE:FUN) by 6.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,718 shares of the company’s stock after purchasing an additional 108 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Cedar Fair, L.P. were worth $124,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 51.48% 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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