Oppenheimer Boosts Cedar Fair (NYSE:FUN) Price Target to $67.00

Cedar Fair (NYSE:FUN) had its target price upped by Oppenheimer from $49.00 to $67.00 in a research report released on Tuesday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

FUN has been the subject of several other research reports. B. Riley raised their price target on Cedar Fair from $52.00 to $59.00 and gave the stock a buy rating in a research report on Wednesday, June 12th. Truist Financial raised their price target on Cedar Fair from $45.00 to $50.00 and gave the stock a buy rating in a research report on Friday, May 10th. StockNews.com assumed coverage on Cedar Fair in a research report on Tuesday. They set a hold rating for the company. Mizuho dropped their price target on Cedar Fair from $56.00 to $55.00 and set a buy rating for the company in a research report on Wednesday, May 15th. Finally, Morgan Stanley raised their price objective on Cedar Fair from $55.00 to $65.00 and gave the stock an overweight rating in a report on Monday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cedar Fair has a consensus rating of Moderate Buy and a consensus price target of $53.90.

Cedar Fair Price Performance

NYSE FUN opened at $54.83 on Tuesday. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $56.00. The company has a market capitalization of $2.81 billion, a P/E ratio of 22.56 and a beta of 1.53. The business has a 50 day moving average price of $44.75 and a 200 day moving average price of $41.91.

Cedar Fair (NYSE:FUN) last released its quarterly 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). The company had revenue of $101.62 million for the quarter, compared to analysts’ expectations of $91.97 million. Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. On average, research analysts expect that Cedar Fair will post 3.47 earnings per share for the current fiscal year.

Cedar Fair Announces Dividend

The company also recently announced a Variable dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 28th were issued a $1.53 dividend. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s payout ratio is currently 49.38%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FUN. Tower Research Capital LLC TRC boosted its holdings 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 during the last quarter. Sound Income Strategies LLC boosted its holdings 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 during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Cedar Fair by 10.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after acquiring an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. acquired a new position in Cedar Fair in the first quarter valued at $257,000. Finally, Cetera Advisors LLC lifted its stake in shares of Cedar Fair by 10.9% during the first quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after purchasing an additional 675 shares in the last quarter. Institutional investors and hedge funds own 64.65% of the company’s stock.

Cedar Fair Company 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.