Cedar Fair (NYSE:FUN) Shares Down 4.9%

Shares of Cedar Fair, L.P. (NYSE:FUN) fell 4.9% during mid-day trading on Wednesday . The company traded as low as $52.72 and last traded at $52.72. 319,133 shares were traded during mid-day trading, a decline of 33% from the average session volume of 473,452 shares. The stock had previously closed at $55.42.

Wall Street Analysts Forecast Growth

FUN has been the topic of several recent research reports. Morgan Stanley raised their price objective on shares of Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, July 1st. Truist Financial started coverage on Cedar Fair in a report on Tuesday. They set a “buy” rating and a $62.00 price target on the stock. Oppenheimer increased their price objective on shares of Cedar Fair from $49.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Mizuho reduced their target price on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Finally, B. Riley increased their price target on shares of Cedar Fair from $52.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average target price of $55.10.

Cedar Fair Stock Performance

The firm has a fifty day simple moving average of $46.57 and a 200 day simple moving average of $42.56. The company has a market capitalization of $2.72 billion, a PE ratio of 22.76 and a beta of 1.53.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The business had revenue of $101.62 million during the quarter, compared to the consensus estimate of $91.97 million. Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. Research analysts expect that Cedar Fair, L.P. will post 3.41 EPS for the current fiscal year.

Cedar Fair Dividend Announcement

The firm also recently disclosed a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were issued a dividend of $1.53 per share. The ex-dividend date was Friday, June 28th. Cedar Fair’s dividend payout ratio is presently 49.38%.

Institutional Investors Weigh In On Cedar Fair

A number of large investors have recently bought and sold shares of FUN. Tower Research Capital LLC TRC lifted its holdings in Cedar Fair by 201.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock valued at $33,000 after purchasing an additional 562 shares in the last quarter. CWM LLC boosted its stake in shares of Cedar Fair by 932.0% in the second quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after purchasing an additional 1,864 shares during the period. Sound Income Strategies LLC grew its stake in shares of Cedar Fair by 44.4% in the fourth quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after acquiring an additional 852 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Cedar Fair by 10.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after purchasing an additional 300 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. purchased a new position in Cedar Fair in the first quarter valued at approximately $257,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

About Cedar Fair

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. 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, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.