Cedar Fair, L.P. (FUN) Increases Dividend to $0.89 Per Share
Cedar Fair, L.P. (NYSE:FUN) declared a quarterly dividend on Friday, November 3rd, Wall Street Journal reports. Stockholders of record on Monday, December 4th will be given a dividend of 0.89 per share on Friday, December 15th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date of this dividend is Friday, December 1st. This is a boost from Cedar Fair, L.P.’s previous quarterly dividend of $0.86.
Cedar Fair, L.P. has raised its dividend by an average of 8.9% annually over the last three years and has increased its dividend every year for the last 4 years. Cedar Fair, L.P. has a dividend payout ratio of 120.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Cedar Fair, L.P. to earn $3.50 per share next year, which means the company should continue to be able to cover its $3.42 annual dividend with an expected future payout ratio of 97.7%.
Cedar Fair, L.P. (NYSE FUN) traded up $3.12 on Friday, hitting $65.93. 105,212 shares of the stock were exchanged, compared to its average volume of 167,291. The stock has a market cap of $3.68 billion, a PE ratio of 22.18 and a beta of 0.51.
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings data on Thursday, November 2nd. The company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.56 by ($0.18). Cedar Fair, L.P. had a negative return on equity of 1,055.06% and a net margin of 11.75%. The company had revenue of $652.69 million for the quarter, compared to the consensus estimate of $652.98 million. During the same period in the prior year, the firm posted $3.10 earnings per share. The business’s revenue was up .4% on a year-over-year basis. equities research analysts anticipate that Cedar Fair, L.P. will post 2.85 EPS for the current fiscal year.
FUN has been the subject of a number of research analyst reports. 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 for the company. in a report on Wednesday, October 4th. Stifel Nicolaus reaffirmed a “buy” rating and set a $74.00 price objective (down from $75.00) on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. FBR & Co reaffirmed a “buy” rating on shares of Cedar Fair, L.P. in a report on Thursday, September 7th. Zacks Investment Research raised shares of Cedar Fair, L.P. from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a report on Wednesday, July 12th. Finally, KeyCorp reaffirmed a “buy” rating and set a $74.00 price objective on shares of Cedar Fair, L.P. in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $74.38.
In other Cedar Fair, L.P. news, Director Thomas Klein purchased 7,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was acquired at an average cost of $66.13 per share, with a total value of $462,910.00. Following the completion of the purchase, the director now directly owns 24,960 shares of the company’s stock, valued at approximately $1,650,604.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew A. Ouimet sold 2,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $64.90, for a total transaction of $129,800.00. Following the completion of the sale, the chief executive officer now directly owns 193,199 shares of the company’s stock, valued at $12,538,615.10. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
A hedge fund recently raised its stake in Cedar Fair, L.P. stock. The Manufacturers Life Insurance Company lifted its stake in shares of 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 firm owned 1,718 shares of the company’s stock after buying an additional 108 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Cedar Fair, L.P. were worth $124,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 51.48% of the stock is owned by hedge funds and other institutional investors.
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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