StockNews.com Initiates Coverage on Cedar Fair (NYSE:FUN)

StockNews.com began coverage on shares of Cedar Fair (NYSE:FUN) in a research note released on Friday. The firm issued a hold rating on the stock.

Several other brokerages have also issued reports on FUN. Macquarie started coverage on Cedar Fair in a research note on Thursday, July 18th. They issued an outperform rating and a $64.00 target price on the stock. Truist Financial started coverage on Cedar Fair in a research note on Tuesday, July 9th. They issued a buy rating and a $62.00 target price on the stock. The Goldman Sachs Group restated a neutral rating and issued a $63.00 target price on shares of Cedar Fair in a research note on Wednesday, July 10th. Mizuho lowered their target price on Cedar Fair from $56.00 to $55.00 and set a buy rating on the stock in a research note on Wednesday, May 15th. Finally, Stifel Nicolaus reiterated a buy rating and issued a $68.00 price target (up from $53.00) on shares of Cedar Fair in a research report on Friday, July 12th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Cedar Fair presently has a consensus rating of Moderate Buy and a consensus target price of $60.10.

Cedar Fair Trading Down 0.6 %

Shares of Cedar Fair stock opened at $46.95 on Friday. The business’s fifty day simple moving average is $48.90 and its 200 day simple moving average is $43.71. The firm has a market capitalization of $2.41 billion, a P/E ratio of 19.32 and a beta of 1.53. Cedar Fair has a 12 month low of $34.04 and a 12 month high of $58.70.

Cedar Fair (NYSE:FUN) last issued its earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.40) by ($0.07). The firm had revenue of $101.62 million during the quarter, compared to the consensus estimate of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. Analysts predict that Cedar Fair will post 3.68 EPS for the current fiscal year.

Cedar Fair Announces Dividend

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

Hedge Funds Weigh In On Cedar Fair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FUN. UBS Group AG boosted its holdings in shares of Cedar Fair by 313.7% in the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock worth $121,274,000 after purchasing an additional 2,310,565 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Cedar Fair by 15.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after purchasing an additional 539,352 shares during the last quarter. Kestra Private Wealth Services LLC bought a new position in shares of Cedar Fair during the 4th quarter valued at about $1,834,000. HAP Trading LLC bought a new position in shares of Cedar Fair during the 1st quarter valued at about $1,329,000. Finally, Jump Financial LLC bought a new position in shares of Cedar Fair during the 4th quarter valued at about $617,000. 64.65% 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, 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.