Salem Investment Counselors Inc. Lowers Stake in Cedar Fair, L.P. (NYSE:FUN)

Salem Investment Counselors Inc. trimmed its position in Cedar Fair, L.P. (NYSE:FUN) by 50.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,200 shares of the company’s stock after selling 2,200 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Cedar Fair were worth $92,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in shares of Cedar Fair by 10.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after purchasing an additional 300 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Cedar Fair by 201.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock valued at $33,000 after acquiring an additional 562 shares in the last quarter. Sound Income Strategies LLC grew its position in Cedar Fair by 44.4% in the fourth quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock valued at $110,000 after acquiring an additional 852 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Cedar Fair by 1.1% during the fourth quarter. Brown Advisory Inc. now owns 94,486 shares of the company’s stock valued at $3,761,000 after purchasing an additional 1,000 shares during the period. Finally, Carnegie Capital Asset Management LLC boosted its stake in shares of Cedar Fair by 10.9% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company’s stock valued at $420,000 after purchasing an additional 1,033 shares during the period. 64.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FUN shares. StockNews.com assumed coverage on shares of Cedar Fair in a research note on Monday. They set a “buy” rating on the stock. Truist Financial increased their price target on Cedar Fair from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, May 10th. B. Riley lifted their price objective on Cedar Fair from $52.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Finally, Mizuho decreased their price target on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $51.10.

Cedar Fair Stock Performance

Cedar Fair stock opened at $51.04 on Monday. Cedar Fair, L.P. has a 1 year low of $34.04 and a 1 year high of $52.53. The firm’s 50-day moving average is $42.85 and its 200-day moving average is $41.26. The company has a market cap of $2.62 billion, a P/E ratio of 21.00 and a beta of 1.45.

Cedar Fair (NYSE:FUN) last issued its earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The business had revenue of $101.62 million during the quarter, compared to the consensus estimate of $91.97 million. Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. As a group, sell-side analysts predict that Cedar Fair, L.P. will post 3.47 earnings per share for the current year.

Cedar Fair Announces Dividend

The business also recently announced a Variable dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 28th will be given a $1.53 dividend. The ex-dividend date is Friday, June 28th. Cedar Fair’s dividend payout ratio is presently 49.38%.

Cedar Fair Profile

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.