Cedar Fair (NYSE:FUN) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Cedar Fair, L.P. (NYSE:FUN) saw strong trading volume on Wednesday after Oppenheimer raised their price target on the stock from $49.00 to $67.00. Oppenheimer currently has an outperform rating on the stock. 367,645 shares were traded during mid-day trading, a decline of 9% from the previous session’s volume of 403,620 shares.The stock last traded at $55.40 and had previously closed at $54.89.

FUN has been the topic of a number of other research reports. Mizuho cut 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 note on Wednesday, May 15th. B. Riley lifted their target price on shares of Cedar Fair from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. StockNews.com initiated coverage on shares of Cedar Fair in a research note on Tuesday. They set a “hold” rating on the stock. Morgan Stanley lifted their target price on shares of Cedar Fair from $55.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Truist Financial lifted their target price 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. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $53.90.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its holdings in shares of Cedar Fair by 201.4% during 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 raised its holdings in shares of Cedar Fair by 44.4% during the fourth quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock valued at $110,000 after purchasing an additional 852 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings 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 valued at $131,000 after purchasing an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. purchased a new position in shares of Cedar Fair during the first quarter valued at approximately $257,000. Finally, Cetera Advisors LLC raised its holdings 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 valued at $288,000 after purchasing an additional 675 shares during the last quarter. 64.65% of the stock is owned by hedge funds and other institutional investors.

Cedar Fair Stock Up 3.1 %

The firm’s fifty day moving average price is $45.12 and its two-hundred day moving average price is $42.02. The stock has a market capitalization of $2.90 billion, a PE ratio of 23.28 and a beta of 1.53.

Cedar Fair (NYSE:FUN) last announced its earnings results on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $101.62 million for the quarter, compared to analysts’ expectations of $91.97 million. As a group, analysts predict that Cedar Fair, L.P. will post 3.47 EPS for the current year.

Cedar Fair Announces Dividend

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

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.