Zacks Investment Research cut shares of Cedar Fair (NYSE:FUN) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “
A number of other analysts have also weighed in on FUN. ValuEngine upgraded Cedar Fair from a sell rating to a hold rating in a research note on Friday, October 12th. SunTrust Banks reiterated a hold rating and issued a $54.00 price target on shares of Cedar Fair in a report on Monday, December 24th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $60.83.
Shares of NYSE:FUN opened at $53.62 on Thursday. Cedar Fair has a twelve month low of $45.73 and a twelve month high of $70.82. The firm has a market capitalization of $2.99 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 2.73 and a beta of 0.45. The company has a debt-to-equity ratio of 18.09, a current ratio of 1.07 and a quick ratio of 0.94.
Cedar Fair (NYSE:FUN) last announced its earnings results on Tuesday, October 30th. The company reported $3.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.21 by $0.55. Cedar Fair had a return on equity of 1,656.35% and a net margin of 15.58%. The company had revenue of $663.70 million during the quarter, compared to analyst estimates of $659.45 million. During the same period last year, the company posted $3.38 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities analysts anticipate that Cedar Fair will post 2.82 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, December 17th. Investors of record on Tuesday, December 4th were issued a $0.925 dividend. This is a boost from Cedar Fair’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Monday, December 3rd. This represents a $3.70 annualized dividend and a yield of 6.90%. Cedar Fair’s dividend payout ratio (DPR) is currently 91.36%.
In related news, Director Eric Affeldt bought 2,000 shares of Cedar Fair stock in a transaction on Friday, November 2nd. The shares were purchased at an average price of $51.44 per share, for a total transaction of $102,880.00. Following the completion of the acquisition, the director now owns 12,200 shares in the company, valued at $627,568. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard Zimmerman bought 6,000 shares of Cedar Fair stock in a transaction on Wednesday, December 19th. The shares were bought at an average price of $48.92 per share, for a total transaction of $293,520.00. Following the acquisition, the chief executive officer now owns 166,684 shares of the company’s stock, valued at approximately $8,154,181.28. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 28,000 shares of company stock worth $1,416,000. 2.00% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of FUN. Janus Henderson Group PLC boosted its holdings in Cedar Fair by 65.1% during the third quarter. Janus Henderson Group PLC now owns 3,727,833 shares of the company’s stock worth $194,146,000 after buying an additional 1,470,369 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in Cedar Fair by 6.3% during the third quarter. Neuberger Berman Group LLC now owns 5,303,716 shares of the company’s stock worth $276,218,000 after buying an additional 316,231 shares during the last quarter. Morgan Stanley boosted its holdings in Cedar Fair by 53.2% during the second quarter. Morgan Stanley now owns 898,990 shares of the company’s stock worth $56,645,000 after buying an additional 312,338 shares during the last quarter. Putnam Investments LLC bought a new position in Cedar Fair during the third quarter worth about $6,448,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Cedar Fair during the third quarter worth about $6,247,000. Hedge funds and other institutional investors own 50.77% of the company’s stock.
Cedar Fair Company Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. 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, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.
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