Cedar Fair, L.P. (FUN) To Go Ex-Dividend on September 1st
Cedar Fair, L.P. (NYSE:FUN) declared a quarterly dividend on Wednesday, August 2nd, Zacks reports. Shareholders of record on Wednesday, September 6th will be given a dividend of 0.855 per share on Friday, September 15th. This represents a $3.42 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend is Friday, September 1st.
Cedar Fair, L.P. has raised its dividend by an average of 8.9% annually over the last three years and has raised its dividend every year for the last 4 years. Cedar Fair, L.P. has a dividend payout ratio of 112.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Cedar Fair, L.P. to earn $3.58 per share next year, which means the company should continue to be able to cover its $3.42 annual dividend with an expected future payout ratio of 95.5%.
Cedar Fair, L.P. (NYSE:FUN) opened at 67.81 on Friday. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 28.44 and a beta of 0.50. Cedar Fair, L.P. has a 52-week low of $56.23 and a 52-week high of $72.56. The firm’s 50-day moving average price is $67.95 and its 200-day moving average price is $68.87.
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.82 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.02 by $0.20. The company had revenue of $392.80 million for the quarter, compared to analysts’ expectations of $405.78 million. Cedar Fair, L.P. had a return on equity of 1,048.17% and a net margin of 10.50%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.03 EPS. On average, equities analysts anticipate that Cedar Fair, L.P. will post $3.00 EPS for the current year.
In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $66.80, for a total transaction of $200,400.00. Following the sale, the chief executive officer now directly owns 195,199 shares in the company, valued at approximately $13,039,293.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas Klein bought 7,000 shares of Cedar Fair, L.P. stock in a transaction on Tuesday, August 8th. The shares were acquired at an average price of $66.13 per share, for a total transaction of $462,910.00. Following the completion of the acquisition, the director now owns 24,960 shares in the company, valued at $1,650,604.80. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 24,100 shares of company stock worth $1,681,699. 2.00% of the stock is owned by company insiders.
A hedge fund recently raised its stake in Cedar Fair, L.P. stock. The Manufacturers Life Insurance Company boosted its position in shares of Cedar Fair, L.P. (NYSE:FUN) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,718 shares of the company’s stock after buying an additional 108 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Cedar Fair, L.P. were worth $124,000 at the end of the most recent quarter. 51.20% of the stock is owned by institutional investors.
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A number of equities analysts recently weighed in on FUN shares. Goldman Sachs Group, Inc. (The) raised shares of Cedar Fair, L.P. from a “buy” rating to a “conviction-buy” rating and set a $81.00 price objective for the company in a research report on Monday, June 19th. BidaskClub cut shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Stifel Nicolaus reaffirmed a “buy” rating and set a $78.00 price objective on shares of Cedar Fair, L.P. in a research report on Friday, July 7th. Finally, Zacks Investment Research raised shares of Cedar Fair, L.P. from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $74.75.
Cedar Fair, L.P. Company Profile
Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.
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