Cedar Fair, L.P. (NYSE:FUN) posted its quarterly earnings results on Thursday. The company reported $3.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.56 by ($0.18), Briefing.com reports. Cedar Fair, L.P. had a net margin of 11.75% and a negative return on equity of 1,055.06%. The company had revenue of $652.69 million for the quarter, compared to analyst estimates of $652.98 million. During the same quarter in the previous year, the business posted $3.10 earnings per share. Cedar Fair, L.P.’s revenue was up .4% on a year-over-year basis.
Shares of Cedar Fair, L.P. (NYSE:FUN) traded up $3.12 during trading on Friday, hitting $65.93. 105,311 shares of the stock were exchanged, compared to its average volume of 167,291. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 22.18 and a beta of 0.51.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 4th will be issued a $0.89 dividend. The ex-dividend date is Friday, December 1st. This represents a $3.56 dividend on an annualized basis and a yield of 5.40%. This is a positive change from Cedar Fair, L.P.’s previous quarterly dividend of $0.86. Cedar Fair, L.P.’s payout ratio is currently 129.06%.
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In related news, CEO Matthew A. Ouimet sold 3,000 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $66.80, for a total value of $200,400.00. Following the sale, the chief executive officer now directly owns 195,199 shares of the company’s stock, valued at $13,039,293.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Matthew A. Ouimet sold 2,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $64.90, for a total value of $129,800.00. Following the completion of the sale, the chief executive officer now directly owns 193,199 shares in the company, valued at $12,538,615.10. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.
A hedge fund recently raised its stake in Cedar Fair, L.P. stock. The Manufacturers Life Insurance Company increased its position in Cedar Fair, L.P. (NYSE:FUN) by 6.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,718 shares of the company’s stock after purchasing an additional 108 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Cedar Fair, L.P. were worth $124,000 at the end of the most recent reporting period. 51.48% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts recently issued reports on the company. Goldman Sachs Group, Inc. (The) downgraded Cedar Fair, L.P. from a “conviction-buy” rating to a “buy” rating and set a $75.00 price objective for the company. in a research report on Wednesday, October 4th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $74.00 target price (down from $75.00) on shares of Cedar Fair, L.P. in a research note on Thursday, September 7th. FBR & Co reissued a “buy” rating on shares of Cedar Fair, L.P. in a research note on Thursday, September 7th. Zacks Investment Research raised shares of Cedar Fair, L.P. from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Wednesday, July 12th. Finally, KeyCorp reaffirmed a “buy” rating and set a $74.00 price target on shares of Cedar Fair, L.P. in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Cedar Fair, L.P. has an average rating of “Buy” and a consensus target price of $74.38.
About Cedar Fair, L.P.
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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