Cedar Fair, L.P. (FUN) Receives $73.83 Average PT from Analysts

Shares of Cedar Fair, L.P. (NYSE:FUN) have been assigned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $73.83.

A number of analysts have recently weighed in on the stock. BidaskClub raised shares of Cedar Fair from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Goldman Sachs Group downgraded shares of Cedar Fair from a “conviction-buy” rating to a “buy” rating and set a $75.00 price target for the company. in a report on Wednesday, October 4th. Zacks Investment Research raised shares of Cedar Fair from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 7th. KeyCorp reaffirmed an “overweight” rating and set a $74.00 price target on shares of Cedar Fair in a report on Wednesday, August 30th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Cedar Fair in a report on Thursday, September 7th.

In related news, CEO Matthew A. Ouimet sold 2,000 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $64.90, for a total value of $129,800.00. Following the completion of the transaction, the chief executive officer now owns 193,199 shares of the company’s stock, valued at approximately $12,538,615.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Matthew A. Ouimet sold 4,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $66.40, for a total transaction of $265,600.00. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of FUN. Janus Henderson Group PLC bought a new position in Cedar Fair in the 2nd quarter valued at approximately $145,981,000. FMR LLC increased its position in Cedar Fair by 42.9% in the 2nd quarter. FMR LLC now owns 4,061,429 shares of the company’s stock valued at $292,829,000 after acquiring an additional 1,220,099 shares during the period. Northwestern Mutual Investment Management Company LLC acquired a new position in Cedar Fair in the 2nd quarter valued at approximately $31,274,000. ING Groep NV increased its position in Cedar Fair by 163.3% in the 3rd quarter. ING Groep NV now owns 283,956 shares of the company’s stock valued at $18,207,000 after acquiring an additional 176,100 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Cedar Fair by 12.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 486,339 shares of the company’s stock valued at $35,065,000 after acquiring an additional 52,085 shares during the period. 49.91% of the stock is owned by institutional investors and hedge funds.

Cedar Fair (NYSE FUN) traded down $0.32 during midday trading on Thursday, reaching $66.80. 127,728 shares of the company’s stock were exchanged, compared to its average volume of 76,631. The company has a quick ratio of 1.06, a current ratio of 1.18 and a debt-to-equity ratio of 22.05. The company has a market cap of $3,756.70, a P/E ratio of 22.64, a P/E/G ratio of 3.71 and a beta of 0.52. Cedar Fair has a 52-week low of $59.66 and a 52-week high of $72.56.

Cedar Fair (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 the Zacks’ consensus estimate of $3.56 by ($0.18). The business had revenue of $652.69 million during the quarter, compared to the consensus estimate of $652.98 million. Cedar Fair had a net margin of 11.75% and a return on equity of 2,430.22%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $3.10 EPS. research analysts forecast that Cedar Fair will post 3 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 4th will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date of this dividend is Friday, December 1st. This is an increase from Cedar Fair’s previous quarterly dividend of $0.86. Cedar Fair’s dividend payout ratio is 134.34%.

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Cedar Fair 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.

Analyst Recommendations for Cedar Fair (NYSE:FUN)

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