$683.38 Million in Sales Expected for Cedar Fair, L.P. (NYSE:FUN) This Quarter
Wall Street analysts expect Cedar Fair, L.P. (NYSE:FUN) to post sales of $683.38 million for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Cedar Fair’s earnings, with estimates ranging from $653.00 million to $699.79 million. Cedar Fair reported sales of $663.70 million in the same quarter last year, which suggests a positive year over year growth rate of 3%. The business is expected to issue its next quarterly earnings results on Tuesday, October 29th.
According to Zacks, analysts expect that Cedar Fair will report full year sales of $1.45 billion for the current financial year, with estimates ranging from $1.42 billion to $1.46 billion. For the next year, analysts forecast that the business will post sales of $1.51 billion, with estimates ranging from $1.47 billion to $1.52 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Cedar Fair.
Cedar Fair (NYSE:FUN) last issued its earnings results on Wednesday, August 7th. The company reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.25. The business had revenue of $436.19 million for the quarter, compared to analysts’ expectations of $410.86 million. Cedar Fair had a negative return on equity of 939.99% and a net margin of 12.03%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS.
Shares of Cedar Fair stock traded up $0.43 on Wednesday, hitting $54.43. 5,730 shares of the company were exchanged, compared to its average volume of 339,127. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 2.33 and a beta of 0.50. The company has a 50-day moving average price of $53.40 and a 200 day moving average price of $52.18. Cedar Fair has a 1-year low of $45.58 and a 1-year high of $57.98. The company has a quick ratio of 1.26, a current ratio of 1.39 and a debt-to-equity ratio of 51.13.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Wednesday, September 4th will be given a dividend of $0.925 per share. This represents a $3.70 annualized dividend and a dividend yield of 6.80%. The ex-dividend date is Tuesday, September 3rd. Cedar Fair’s payout ratio is presently 122.52%.
Several hedge funds have recently added to or reduced their stakes in FUN. Invesco Ltd. raised its position in shares of Cedar Fair by 3,640.3% during the 2nd quarter. Invesco Ltd. now owns 1,301,349 shares of the company’s stock valued at $62,061,000 after buying an additional 1,266,556 shares during the period. Morgan Stanley raised its position in shares of Cedar Fair by 50.2% during the 2nd quarter. Morgan Stanley now owns 1,964,246 shares of the company’s stock valued at $93,675,000 after buying an additional 656,131 shares during the period. MARSHALL WACE ASIA Ltd raised its position in shares of Cedar Fair by 42.9% during the 1st quarter. MARSHALL WACE ASIA Ltd now owns 684,943 shares of the company’s stock valued at $36,042,000 after buying an additional 205,534 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in shares of Cedar Fair by 10.4% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 751,561 shares of the company’s stock valued at $35,842,000 after buying an additional 70,597 shares during the period. Finally, Man Group plc raised its position in shares of Cedar Fair by 77.8% during the 2nd quarter. Man Group plc now owns 146,251 shares of the company’s stock valued at $6,975,000 after buying an additional 63,986 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.
About Cedar Fair
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.
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