Cedar Fair, L.P. (NYSE:FUN) Receives Average Rating of “Buy” from Brokerages

Cedar Fair, L.P. (NYSE:FUN) has earned a consensus recommendation of “Buy” from the ten ratings firms that are covering the company, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy rating. The average 12-month price target among analysts that have issued a report on the stock in the last year is $53.90.

Several research analysts have commented on FUN shares. Morgan Stanley raised their target price on Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday. Truist Financial boosted their price objective on shares of Cedar Fair from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 10th. B. Riley upped their target price on shares of Cedar Fair from $52.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Mizuho cut their price target on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. Finally, StockNews.com started coverage on shares of Cedar Fair in a report on Tuesday. They issued a “hold” rating on the stock.

Institutional Trading of Cedar Fair

Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted 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 purchasing an additional 562 shares during the last quarter. Sound Income Strategies LLC increased its stake in shares of Cedar Fair by 44.4% in the fourth quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after buying an additional 852 shares during the period. PNC Financial Services Group Inc. raised its holdings in Cedar Fair by 10.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after buying an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in Cedar Fair during the 1st quarter valued at $257,000. Finally, Cetera Advisors LLC grew its holdings in Cedar Fair by 10.9% in the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after acquiring an additional 675 shares during the last quarter. 64.65% of the stock is currently owned by hedge funds and other institutional investors.

Cedar Fair Stock Performance

FUN stock opened at $54.83 on Wednesday. The stock has a fifty day moving average of $44.75 and a 200-day moving average of $41.91. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $56.00. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 22.56 and a beta of 1.53.

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

Cedar Fair Announces Dividend

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

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.