Zacks Investment Research upgraded shares of Cedar Fair (NYSE:FUN) from a hold rating to a buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $75.00 target price on the stock.
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. “
Several other brokerages have also weighed in on FUN. Stifel Nicolaus raised their price objective on shares of Cedar Fair from $74.00 to $77.00 and gave the company a buy rating in a research report on Thursday. KeyCorp set a $77.00 price objective on shares of Cedar Fair and gave the company a buy rating in a research report on Wednesday. Finally, B. Riley reaffirmed a buy rating on shares of Cedar Fair in a research report on Friday, November 3rd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Cedar Fair currently has an average rating of Buy and an average price target of $75.20.
Cedar Fair (NYSE:FUN) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.81. The firm had revenue of $228.20 million for the quarter, compared to analyst estimates of $222.34 million. Cedar Fair had a net margin of 16.30% and a negative return on equity of 2,115.11%. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) earnings per share. equities analysts expect that Cedar Fair will post 3.49 EPS for the current year.
In other news, CEO Matthew A. Ouimet sold 6,000 shares of Cedar Fair stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $67.91, for a total value of $407,460.00. Following the transaction, the chief executive officer now owns 215,353 shares of the company’s stock, valued at $14,624,622.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Matthew A. Ouimet sold 2,000 shares of Cedar Fair stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $64.69, for a total transaction of $129,380.00. Following the completion of the transaction, the insider now directly owns 243,057 shares in the company, valued at approximately $15,723,357.33. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FUN. Deutsche Bank AG raised its position in shares of Cedar Fair by 108,890.8% in the fourth quarter. Deutsche Bank AG now owns 248,499 shares of the company’s stock valued at $16,149,000 after purchasing an additional 248,271 shares during the period. OppenheimerFunds Inc. raised its position in shares of Cedar Fair by 12.1% in the fourth quarter. OppenheimerFunds Inc. now owns 2,276,115 shares of the company’s stock valued at $147,925,000 after purchasing an additional 245,795 shares during the period. Renaissance Technologies LLC bought a new position in shares of Cedar Fair in the fourth quarter valued at approximately $14,865,000. ING Groep NV raised its position in shares of Cedar Fair by 163.3% in the third quarter. ING Groep NV now owns 283,956 shares of the company’s stock valued at $18,207,000 after purchasing an additional 176,100 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Cedar Fair by 3.3% in the third quarter. Janus Henderson Group PLC now owns 2,090,937 shares of the company’s stock valued at $134,071,000 after purchasing an additional 66,239 shares during the period. 49.39% of the stock is currently owned by institutional investors.
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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