Cedar Fair, L.P. to Post Q3 2016 Earnings of $3.37 Per Share, KeyCorp Forecasts (FUN)
Cedar Fair, L.P. (NYSE:FUN) – Research analysts at KeyCorp lowered their Q3 2016 earnings estimates for shares of Cedar Fair, L.P. in a report released on Sunday. KeyCorp analyst S. Hamann now forecasts that the brokerage will post earnings per share of $3.37 for the quarter, down from their prior estimate of $3.46.
Several other analysts have also recently issued reports on FUN. Zacks Investment Research cut Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Wedbush cut Cedar Fair, L.P. from an “outperform” rating to a “neutral” rating in a research report on Friday, September 23rd. FBR & Co reaffirmed a “buy” rating on shares of Cedar Fair, L.P. in a research report on Thursday, September 8th. Janney Montgomery Scott reaffirmed a “buy” rating and set a $69.00 target price on shares of Cedar Fair, L.P. in a research report on Wednesday, July 6th. Finally, Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and increased their target price for the company from $60.00 to $65.00 in a research report on Friday, July 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Cedar Fair, L.P. presently has a consensus rating of “Buy” and an average price target of $64.83.
Cedar Fair, L.P. (NYSE:FUN) traded down 1.0234% during mid-day trading on Tuesday, reaching $58.0399. The company had a trading volume of 49,245 shares. Cedar Fair, L.P. has a 52 week low of $48.46 and a 52 week high of $63.40. The firm has a market capitalization of $3.25 billion, a PE ratio of 22.2546 and a beta of 0.72. The stock’s 50-day moving average price is $58.56 and its 200 day moving average price is $58.90.
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 company earned $388 million during the quarter, compared to the consensus estimate of $390.43 million. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.02 EPS.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Tuesday, September 6th were paid a $0.825 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $3.30 dividend on an annualized basis and a yield of 5.63%.
In related news, VP Milkie Duffield sold 6,374 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president now owns 56,550 shares in the company, valued at approximately $3,440,502. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David R. Hoffman sold 7,043 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $2,219,724.93. The disclosure for this sale can be found here.
Institutional investors have recently modified their holdings of the company. Loomis Sayles & Co. L P purchased a new position in shares of Cedar Fair, L.P. during the first quarter worth about $172,000. BB&T Securities LLC purchased a new position in shares of Cedar Fair, L.P. during the first quarter worth about $205,000. Shufro Rose & Co. LLC purchased a new position in shares of Cedar Fair, L.P. during the first quarter worth about $218,000. Concert Wealth Management Inc. purchased a new position in shares of Cedar Fair, L.P. during the second quarter worth about $216,000. Finally, 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 worth $217,000 after buying an additional 62 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.
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