Zacks Investment Research Lowers Six Flags Entertainment (SIX) to Sell
Six Flags Entertainment (NYSE:SIX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.
According to Zacks, “Six Flags Entertainment Corporation owns and operates regional parks. The Company has parks comprised of theme, water and zoological parks offering rides, water attractions, themed areas, concerts, shows, restaurants, game venues and retail outlets. The Company holds long-term licenses for theme park usage throughout the United States (except the Las Vegas metropolitan area), Canada, Mexico and other countries of certain Warner Bros. and DC Comics characters. These characters include Bugs Bunny, Daffy Duck, Tweety Bird, Yosemite Sam, Batman, Superman and others. In addition, it has certain rights to use the Hanna-Barbera and Cartoon Network characters, including Yogi Bear, Scooby-Doo, The Flintstones and others. The Company uses these characters to market its parks and to provide an enhanced family entertainment experience. Six Flags Entertainment Corporation is based in New York, NY. “
Several other research firms also recently weighed in on SIX. B. Riley reissued a “buy” rating on shares of Six Flags Entertainment in a report on Wednesday, November 1st. SunTrust Banks reissued a “buy” rating and issued a $70.00 target price on shares of Six Flags Entertainment in a report on Friday, October 27th. TheStreet raised Six Flags Entertainment from a “c+” rating to a “b-” rating in a report on Wednesday, October 25th. FBR & Co reissued a “buy” rating on shares of Six Flags Entertainment in a report on Wednesday, October 25th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $72.00 target price on shares of Six Flags Entertainment in a report on Thursday, October 12th. Three analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $66.78.
Six Flags Entertainment (NYSE:SIX) last posted its earnings results on Wednesday, October 25th. The company reported $2.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.31. Six Flags Entertainment had a negative return on equity of 47.41% and a net margin of 13.24%. The business had revenue of $580.40 million during the quarter, compared to the consensus estimate of $583.59 million. During the same period in the previous year, the business earned $1.09 EPS. The business’s quarterly revenue was up 4.1% on a year-over-year basis. analysts anticipate that Six Flags Entertainment will post 2.13 earnings per share for the current fiscal year.
In related news, CEO James Reid-Anderson sold 41,008 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $65.06, for a total value of $2,667,980.48. Following the transaction, the chief executive officer now owns 3,570,602 shares in the company, valued at approximately $232,303,366.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 281,085 shares of company stock worth $18,702,788 in the last 90 days. 6.90% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of SIX. Janus Henderson Group PLC increased its position in Six Flags Entertainment by 985.4% in the 2nd quarter. Janus Henderson Group PLC now owns 3,393,204 shares of the company’s stock valued at $202,268,000 after acquiring an additional 3,080,574 shares during the period. Thrivent Financial For Lutherans increased its position in Six Flags Entertainment by 542.2% in the 2nd quarter. Thrivent Financial For Lutherans now owns 783,720 shares of the company’s stock valued at $46,718,000 after acquiring an additional 661,690 shares during the period. Bank of New York Mellon Corp increased its position in Six Flags Entertainment by 75.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,411,729 shares of the company’s stock valued at $86,030,000 after acquiring an additional 605,027 shares during the period. Davidson Kempner Capital Management LP increased its position in Six Flags Entertainment by 438.3% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 740,223 shares of the company’s stock valued at $44,125,000 after acquiring an additional 602,723 shares during the period. Finally, Cramer Rosenthal Mcglynn LLC acquired a new position in Six Flags Entertainment in the 2nd quarter valued at about $35,168,000. Hedge funds and other institutional investors own 99.45% of the company’s stock.
About Six Flags Entertainment
Six Flags Entertainment Corporation (Six Flags) is a regional theme park operator. The Company operates in the theme parks segment. The Company operates approximately 19 regional theme and water parks. Its parks occupy approximately 4,500 acres of land. Its parks are located in geographically diverse markets across North America.
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