Credit Suisse Group AG Reiterates “Buy” Rating for Cedar Fair, L.P. (FUN)
Cedar Fair, L.P. (NYSE:FUN)‘s stock had its “buy” rating reaffirmed by research analysts at Credit Suisse Group AG in a report released on Tuesday. They presently have a $67.00 price target on the stock. Credit Suisse Group AG’s target price suggests a potential upside of 17.24% from the company’s previous close.
A number of other research firms have also commented on FUN. FBR & Co upped their price objective on shares of Cedar Fair, L.P. to $68.00 and gave the company an “outperform” rating in a research note on Monday, July 18th. Wedbush lowered shares of Cedar Fair, L.P. from an “outperform” rating to a “neutral” rating in a research note on Friday, September 23rd. Macquarie raised shares of Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $60.00 to $65.00 in a research note on Friday, July 8th. Janney Montgomery Scott reaffirmed a “buy” rating and set a $69.00 price objective on shares of Cedar Fair, L.P. in a research note on Wednesday, July 6th. Finally, Zacks Investment Research lowered shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $64.83.
Shares of Cedar Fair, L.P. (NYSE:FUN) opened at 57.15 on Tuesday. Cedar Fair, L.P. has a 12-month low of $48.46 and a 12-month high of $63.40. The stock has a market capitalization of $3.20 billion, a P/E ratio of 21.91 and a beta of 0.72. The company has a 50-day moving average of $58.57 and a 200-day moving average of $58.93.
Cedar Fair, L.P. (NYSE:FUN) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by $0.04. The business had revenue of $388 million for the quarter, compared to the consensus estimate of $390.43 million. During the same period last year, the firm earned $1.02 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. Equities analysts expect that Cedar Fair, L.P. will post $3.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, September 6th were given a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date was Thursday, September 1st.
In related news, VP Milkie Duffield sold 6,374 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total value of $387,794.16. Following the transaction, the vice president now owns 56,550 shares in the company, valued at $3,440,502. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO David R. Hoffman sold 7,043 shares of the stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $60.63, for a total value of $427,017.09. Following the completion of the transaction, the chief accounting officer now owns 36,611 shares in the company, valued at approximately $2,219,724.93. The disclosure for this sale can be found here.
A number of institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in Cedar Fair, L.P. by 5.1% in the first quarter. Royal Bank of Canada now owns 921,305 shares of the company’s stock worth $54,773,000 after buying an additional 44,427 shares in the last quarter. Rehmann Capital Advisory Group increased its position in Cedar Fair, L.P. by 5.6% in the first quarter. Rehmann Capital Advisory Group now owns 4,745 shares of the company’s stock worth $282,000 after buying an additional 250 shares in the last quarter. Commonwealth Equity Services Inc increased its position in Cedar Fair, L.P. by 6.2% in the first quarter. Commonwealth Equity Services Inc now owns 15,499 shares of the company’s stock worth $921,000 after buying an additional 903 shares in the last quarter. BB&T Securities LLC purchased a new position in Cedar Fair, L.P. during the first quarter worth approximately $205,000. Finally, Renaissance Technologies LLC increased its position in Cedar Fair, L.P. by 38.7% in the first quarter. Renaissance Technologies LLC now owns 303,150 shares of the company’s stock worth $18,022,000 after buying an additional 84,600 shares in the last quarter.
About Cedar Fair, L.P.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns approximately 10 amusement parks, three outdoor water parks, an indoor water park and five hotels. The Company operates through amusement/water parks with accompanying resort facilities segment. Its amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada’s Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (Dorney Park), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St.
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