Private Advisor Group LLC lifted its position in shares of Cedar Fair, L.P. (NYSE:FUN) by 31.3% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,167 shares of the company’s stock after buying an additional 5,993 shares during the quarter. Private Advisor Group LLC’s holdings in Cedar Fair were worth $1,600,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Cedar Fair by 42.9% during the 2nd quarter. FMR LLC now owns 4,061,429 shares of the company’s stock valued at $292,829,000 after buying an additional 1,220,099 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Cedar Fair during the 2nd quarter valued at $145,981,000. Royal Bank of Canada lifted its stake in shares of Cedar Fair by 3.5% during the 2nd quarter. Royal Bank of Canada now owns 1,004,551 shares of the company’s stock valued at $72,427,000 after buying an additional 34,144 shares in the last quarter. Northwestern Mutual Investment Management Company LLC bought a new stake in Cedar Fair in the 2nd quarter valued at $31,274,000. Finally, Goldman Sachs Group Inc. increased its holdings in Cedar Fair by 12.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 486,339 shares of the company’s stock valued at $35,065,000 after acquiring an additional 52,085 shares during the last quarter. Institutional investors own 49.91% of the company’s stock.
A number of analysts have issued reports on FUN shares. KeyCorp reiterated a “buy” rating and issued a $74.00 price target on shares of Cedar Fair in a report on Tuesday, October 24th. Zacks Investment Research upgraded shares of Cedar Fair from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 6th. Goldman Sachs Group downgraded shares of Cedar Fair from a “conviction-buy” rating to a “buy” rating and set a $75.00 price target on the stock. in a report on Wednesday, October 4th. Stifel Nicolaus restated a “buy” rating and issued a $74.00 target price (down from $75.00) on shares of Cedar Fair in a report on Thursday, September 7th. Finally, FBR & Co restated a “buy” rating on shares of Cedar Fair in a report on Thursday, September 7th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $74.38.
Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, November 2nd. The company reported $3.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.56 by ($0.18). The company had revenue of $652.69 million for the quarter, compared to analysts’ expectations of $652.98 million. Cedar Fair had a net margin of 11.75% and a return on equity of 2,430.22%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $3.10 earnings per share. equities research analysts forecast that Cedar Fair, L.P. will post 3 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 4th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 5.29%. This is a boost from Cedar Fair’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Friday, December 1st. Cedar Fair’s dividend payout ratio is 134.34%.
In other news, CEO Matthew A. Ouimet sold 4,000 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $66.40, for a total value of $265,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew A. Ouimet sold 2,000 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $64.90, for a total transaction of $129,800.00. Following the completion of the sale, the chief executive officer now owns 193,199 shares of the company’s stock, 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.
Cedar Fair 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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