Cedar Fair (NYSE:FUN) Trading Down 3.1% – Should You Sell?

Shares of Cedar Fair, L.P. (NYSE:FUN) dropped 3.1% during mid-day trading on Wednesday . The stock traded as low as $44.75 and last traded at $44.84. Approximately 851,115 shares were traded during trading, a decline of 26% from the average daily volume of 1,157,136 shares. The stock had previously closed at $46.27.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FUN shares. Citigroup upped their price objective on Cedar Fair from $53.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Jefferies Financial Group initiated coverage on Cedar Fair in a research note on Monday, December 9th. They issued a “buy” rating and a $59.00 target price for the company. StockNews.com raised shares of Cedar Fair from a “sell” rating to a “hold” rating in a research note on Thursday, December 26th. Guggenheim upped their price objective on shares of Cedar Fair from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Macquarie reaffirmed an “outperform” rating and set a $55.00 target price on shares of Cedar Fair in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Cedar Fair currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.21.

Cedar Fair Price Performance

The firm has a market cap of $4.50 billion, a P/E ratio of -70.14 and a beta of 1.56. The business has a 50-day simple moving average of $46.97 and a 200 day simple moving average of $45.09. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.32 and a current ratio of 0.40.

Institutional Trading of Cedar Fair

Several large investors have recently added to or reduced their stakes in FUN. S.A. Mason LLC raised its holdings in Cedar Fair by 63.1% in the 3rd quarter. S.A. Mason LLC now owns 993 shares of the company’s stock worth $40,000 after purchasing an additional 384 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Cedar Fair by 94.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock worth $157,000 after buying an additional 1,400 shares in the last quarter. Mutual of America Capital Management LLC purchased a new stake in Cedar Fair in the third quarter worth about $260,000. Commonwealth Equity Services LLC boosted its position in Cedar Fair by 4.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock valued at $1,022,000 after acquiring an additional 826 shares in the last quarter. Finally, Torno Capital LLC bought a new stake in Cedar Fair during the 2nd quarter valued at approximately $4,413,000. 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.