Cedar Fair, L.P. (FUN) Upgraded by Zacks Investment Research to “Hold”
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 analysts have also issued reports on the company. FBR & Co upped their target price on Cedar Fair, L.P. to $68.00 and gave the stock an outperform rating in a report on Monday, July 18th. Credit Suisse Group AG reiterated a buy rating and set a $67.00 target price on shares of Cedar Fair, L.P. in a report on Tuesday, October 4th. Janney Montgomery Scott reiterated a buy rating and set a $68.00 target price on shares of Cedar Fair, L.P. in a report on Thursday, September 1st. Finally, Wedbush lowered Cedar Fair, L.P. from an outperform rating to a neutral rating in a report on Friday, September 23rd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Cedar Fair, L.P. currently has an average rating of Buy and an average target price of $64.83.
Shares of Cedar Fair, L.P. (NYSE:FUN) traded up 0.96% during mid-day trading on Tuesday, hitting $58.98. The stock had a trading volume of 63,263 shares. The stock has a market capitalization of $3.31 billion, a P/E ratio of 21.05 and a beta of 0.72. Cedar Fair, L.P. has a 52 week low of $48.46 and a 52 week high of $63.40. The stock has a 50 day moving average of $58.13 and a 200-day moving average of $58.77.
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $3.10 earnings per share for the quarter, missing the consensus estimate of $3.54 by $0.44. The firm earned $650.30 million during the quarter, compared to the consensus estimate of $30 million. Cedar Fair, L.P.’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.92 earnings per share. On average, equities research analysts predict that Cedar Fair, L.P. will post $3.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Monday, December 5th will be issued a $0.855 dividend. This represents a $3.42 dividend on an annualized basis and a dividend yield of 5.85%. The ex-dividend date is Thursday, December 1st. This is an increase from Cedar Fair, L.P.’s previous quarterly dividend of $0.83.
In other Cedar Fair, L.P. 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 sale, the vice president now owns 56,550 shares of the company’s stock, valued at approximately $3,440,502. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO David R. Hoffman sold 7,043 shares of the firm’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $60.63, for a total value of $427,017.09. Following the completion of the sale, the chief accounting officer now directly owns 36,611 shares in the company, valued at approximately $2,219,724.93. The disclosure for this sale can be found here.
Several large investors have recently modified their holdings of the stock. River Road Asset Management LLC acquired a new stake in shares of Cedar Fair, L.P. during the third quarter worth $31,687,000. 1832 Asset Management L.P. increased its stake in shares of Cedar Fair, L.P. by 193.1% in the second quarter. 1832 Asset Management L.P. now owns 377,333 shares of the company’s stock worth $36,621,000 after buying an additional 248,600 shares in the last quarter. Perkins Investment Management LLC increased its stake in shares of Cedar Fair, L.P. by 23.2% in the third quarter. Perkins Investment Management LLC now owns 1,067,077 shares of the company’s stock worth $61,133,000 after buying an additional 201,037 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in shares of Cedar Fair, L.P. by 70.7% in the third quarter. Epoch Investment Partners Inc. now owns 464,336 shares of the company’s stock worth $26,602,000 after buying an additional 192,333 shares in the last quarter. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Cedar Fair, L.P. during the second quarter worth $9,303,000.
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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