Cedar Fair, L.P. (NYSE:FUN) Short Interest Down 5.1% in October

Cedar Fair, L.P. (NYSE:FUN) saw a large decline in short interest in October. As of October 15th, there was short interest totalling 10,160,000 shares, a decline of 5.1% from the September 30th total of 10,710,000 shares. Based on an average daily volume of 1,680,000 shares, the short-interest ratio is presently 6.0 days.

Analysts Set New Price Targets

A number of research firms recently commented on FUN. The Goldman Sachs Group lowered their price target on Cedar Fair from $55.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Citigroup lowered their price target on Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. decreased their price objective on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. StockNews.com assumed coverage on Cedar Fair in a report on Wednesday, September 4th. They set a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Cedar Fair from $65.00 to $58.00 and set a “buy” rating on the stock in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cedar Fair has a consensus rating of “Moderate Buy” and a consensus price target of $55.46.

Cedar Fair Stock Performance

NYSE:FUN opened at $40.62 on Friday. The stock’s fifty day moving average is $40.60 and its 200 day moving average is $43.98. Cedar Fair has a fifty-two week low of $34.53 and a fifty-two week high of $58.70. The firm has a market capitalization of $4.07 billion, a PE ratio of 16.45 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last released 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. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. The company had revenue of $571.62 million for the quarter, compared to analyst estimates of $525.57 million. Equities analysts forecast that Cedar Fair will post 2.02 EPS for the current year.

Institutional Trading of Cedar Fair

Several hedge funds and other institutional investors have recently bought and sold shares of FUN. PNC Financial Services Group Inc. grew its position in Cedar Fair by 10.0% in the 4th 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. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in Cedar Fair by 121.9% in the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 24,268 shares of the company’s stock valued at $1,017,000 after acquiring an additional 13,332 shares during the last quarter. HAP Trading LLC bought a new position in Cedar Fair in the 1st quarter valued at $1,329,000. Cetera Advisors LLC grew its position in Cedar Fair by 10.9% in the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock valued at $288,000 after acquiring an additional 675 shares during the last quarter. Finally, Aurora Investment Counsel grew its position in Cedar Fair by 1.7% in the 1st quarter. Aurora Investment Counsel now owns 15,077 shares of the company’s stock valued at $632,000 after acquiring an additional 253 shares during the last quarter. Hedge funds and other institutional investors 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.