Zacks Investment Research lowered shares of Cedar Fair, L.P. (NYSE:FUN) from a hold rating to a strong sell rating in a report issued on Monday, August 7th.
According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “
A number of other research analysts also recently issued reports on the company. Goldman Sachs Group, Inc. (The) raised Cedar Fair, L.P. from a buy rating to a conviction-buy rating and set a $81.00 price objective on the stock in a research note on Monday, June 19th. Stifel Nicolaus started coverage on Cedar Fair, L.P. in a research note on Thursday, April 20th. They issued a buy rating and a $78.00 price objective on the stock. SunTrust Banks, Inc. started coverage on Cedar Fair, L.P. in a research note on Wednesday, April 12th. They issued a hold rating and a $72.00 price objective on the stock. Finally, BidaskClub downgraded Cedar Fair, L.P. from a buy rating to a hold rating in a research note on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. Cedar Fair, L.P. has a consensus rating of Buy and a consensus target price of $74.75.
Cedar Fair, L.P. (NYSE:FUN) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by $0.20. The business had revenue of $392.80 million during the quarter, compared to analyst estimates of $405.78 million. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 earnings per share. On average, equities research analysts predict that Cedar Fair, L.P. will post $3.00 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th will be issued a dividend of $0.855 per share. This represents a $3.42 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend is Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio is currently 144.30%.
In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $71.20, for a total transaction of $854,400.00. Following the completion of the sale, the chief executive officer now directly owns 207,299 shares of the company’s stock, valued at approximately $14,759,688.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Klein bought 7,000 shares of Cedar Fair, L.P. stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average cost of $66.13 per share, with a total value of $462,910.00. Following the completion of the acquisition, the director now owns 24,960 shares of the company’s stock, valued at $1,650,604.80. The disclosure for this purchase can be found here. Insiders own 2.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Alps Advisors Inc. raised its position in Cedar Fair, L.P. by 0.3% in the second quarter. Alps Advisors Inc. now owns 7,065 shares of the company’s stock valued at $509,000 after buying an additional 19 shares in the last quarter. Capital Advisors Ltd. LLC raised its position in Cedar Fair, L.P. by 0.7% in the second quarter. Capital Advisors Ltd. LLC now owns 3,084 shares of the company’s stock valued at $222,000 after buying an additional 21 shares in the last quarter. MAI Capital Management raised its position in Cedar Fair, L.P. by 0.5% in the second quarter. MAI Capital Management now owns 4,670 shares of the company’s stock valued at $337,000 after buying an additional 23 shares in the last quarter. Dynamic Advisors Solutions LLC raised its position in Cedar Fair, L.P. by 1.2% in the first quarter. Dynamic Advisors Solutions LLC now owns 3,458 shares of the company’s stock valued at $235,000 after buying an additional 42 shares in the last quarter. Finally, Private Trust Co. NA raised its position in Cedar Fair, L.P. by 0.5% in the second quarter. Private Trust Co. NA now owns 10,048 shares of the company’s stock valued at $724,000 after buying an additional 50 shares in the last quarter. 51.20% of the stock is owned by institutional investors.
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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