Zacks Investment Research cut shares of Cedar Fair, L.P. (NYSE:FUN) from a hold rating to a sell rating in a report released on Monday.

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. “

Several other brokerages also recently weighed in on FUN. Janney Montgomery Scott reaffirmed a buy rating and issued a $69.00 target price on shares of Cedar Fair, L.P. in a report on Wednesday, July 6th. Macquarie raised shares of Cedar Fair, L.P. from a neutral rating to an outperform rating and lifted their target price for the company from $60.00 to $65.00 in a report on Friday, July 8th. FBR & Co reaffirmed a buy rating and issued a $68.00 target price (up previously from $60.00) on shares of Cedar Fair, L.P. in a report on Friday, July 15th. Credit Suisse Group AG set a $67.00 target price on shares of Cedar Fair, L.P. and gave the company a buy rating in a report on Monday, September 12th. Finally, Wedbush downgraded shares of Cedar Fair, L.P. from an outperform rating to a neutral rating in a report on Friday, September 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Cedar Fair, L.P. currently has an average rating of Buy and an average target price of $64.83.

Cedar Fair, L.P. (NYSE:FUN) traded down 1.054% during mid-day trading on Monday, reaching $58.022. 32,993 shares of the company’s stock were exchanged. Cedar Fair, L.P. has a 1-year low of $48.46 and a 1-year high of $63.40. The firm’s 50-day moving average is $58.56 and its 200 day moving average is $58.90. The stock has a market capitalization of $3.25 billion, a PE ratio of 22.248 and a beta of 0.72.

Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates 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. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS. Analysts forecast that Cedar Fair, L.P. will post $3.64 earnings per share for the current fiscal year.

The company also recently disclosed 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 5.63%. The ex-dividend date was Thursday, September 1st.

In related news, CAO David R. Hoffman sold 7,043 shares of the company’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $60.63, for a total transaction of $427,017.09. Following the completion of the transaction, the chief accounting officer now owns 36,611 shares of the company’s stock, valued at $2,219,724.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Milkie Duffield sold 6,374 shares of the company’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total transaction of $387,794.16. Following the transaction, the vice president now directly owns 56,550 shares of the company’s stock, valued at approximately $3,440,502. The disclosure for this sale can be found here.

Institutional investors have recently modified their holdings of the company. Sheaff Brock Investment Advisors LLC raised its position in shares of Cedar Fair, L.P. by 0.4% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 5,060 shares of the company’s stock valued at $293,000 after buying an additional 18 shares during the period. Huntington National Bank raised its position in shares of Cedar Fair, L.P. by 1.7% in the second quarter. Huntington National Bank now owns 3,745 shares of the company’s stock valued at $217,000 after buying an additional 62 shares during the period. Boston Advisors LLC raised its position in shares of Cedar Fair, L.P. by 0.5% in the second quarter. Boston Advisors LLC now owns 19,323 shares of the company’s stock valued at $1,117,000 after buying an additional 103 shares during the period. Loomis Sayles & Co. L P raised its position in shares of Cedar Fair, L.P. by 3.6% in the second quarter. Loomis Sayles & Co. L P now owns 2,996 shares of the company’s stock valued at $173,000 after buying an additional 103 shares during the period. Finally, Jackson Wealth Management LLC raised its position in shares of Cedar Fair, L.P. by 0.7% in the second quarter. Jackson Wealth Management LLC now owns 23,814 shares of the company’s stock valued at $1,377,000 after buying an additional 167 shares during the period.

Cedar Fair, L.P. Company Profile

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.

5 Day Chart for NYSE:FUN

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