Citigroup Lowers Cedar Fair (NYSE:FUN) Price Target to $58.00

Cedar Fair (NYSE:FUN) had its price target decreased by analysts at Citigroup from $61.00 to $58.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 39.56% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Mizuho dropped their price target on shares of Cedar Fair from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Oppenheimer increased their price target on shares of Cedar Fair from $49.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. B. Riley decreased their price objective on shares of Cedar Fair from $77.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 9th. Macquarie decreased their price objective on shares of Cedar Fair from $64.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, StockNews.com began coverage on shares of Cedar Fair in a report on Wednesday, September 4th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Cedar Fair presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.91.

Cedar Fair Price Performance

FUN traded up $0.04 during trading on Wednesday, hitting $41.56. 525,006 shares of the stock traded hands, compared to its average volume of 820,366. The firm has a market capitalization of $2.13 billion, a P/E ratio of 17.08 and a beta of 1.55. The firm has a 50-day moving average of $45.38 and a 200 day moving average of $44.46. Cedar Fair has a 12-month low of $34.04 and a 12-month high of $58.70.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.02. The business had revenue of $571.62 million during the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. As a group, equities analysts predict that Cedar Fair will post 2.78 EPS for the current fiscal year.

Institutional Trading of Cedar Fair

Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in Cedar Fair by 15.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after purchasing an additional 539,352 shares in the last quarter. UBS Group AG increased its stake in Cedar Fair by 313.7% during the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after purchasing an additional 2,310,565 shares in the last quarter. Brookstone Capital Management bought a new stake in Cedar Fair during the 2nd quarter valued at about $215,000. Wealth Enhancement Advisory Services LLC increased its stake in Cedar Fair by 26.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after purchasing an additional 1,620 shares in the last quarter. Finally, CWM LLC boosted its holdings in shares of Cedar Fair by 932.0% during the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after acquiring an additional 1,864 shares during the last quarter. 64.65% of the stock is currently owned by institutional investors.

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.