Cedar Fair (NYSE:FUN) Sees Unusually-High Trading Volume

Cedar Fair, L.P. (NYSE:FUN) shares saw strong trading volume on Wednesday . 212,679 shares changed hands during trading, a decline of 4% from the previous session’s volume of 222,242 shares.The stock last traded at $50.17 and had previously closed at $49.25.

Analysts Set New Price Targets

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

Cedar Fair Price Performance

The company’s 50 day moving average is $43.82 and its two-hundred day moving average is $41.56. The firm has a market cap of $2.75 billion, a P/E ratio of 22.09 and a beta of 1.45.

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

Cedar Fair Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS Group AG raised its stake in shares of Cedar Fair by 313.7% in the fourth quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after acquiring an additional 2,310,565 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Cedar Fair by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock valued at $124,718,000 after acquiring an additional 1,130,439 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Cedar Fair by 15.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after acquiring an additional 539,352 shares during the last quarter. Impala Asset Management LLC raised its stake in shares of Cedar Fair by 21.9% in the third quarter. Impala Asset Management LLC now owns 379,040 shares of the company’s stock valued at $14,024,000 after acquiring an additional 68,150 shares during the last quarter. Finally, Aurora Investment Counsel bought a new position in shares of Cedar Fair in the third quarter valued at approximately $2,142,000. Institutional investors own 64.65% of the company’s stock.

About Cedar Fair

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.