Cedar Fair (FUN) Raised to “Buy” at Zacks Investment Research

Cedar Fair (NYSE:FUN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $62.00 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.47% from the stock’s previous close.

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 commented on FUN. ValuEngine raised shares of Cedar Fair from a “sell” rating to a “hold” rating in a research report on Tuesday, November 27th. SunTrust Banks reaffirmed a “hold” rating and issued a $54.00 price objective on shares of Cedar Fair in a research report on Monday, December 24th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $61.33.

FUN stock traded down $0.12 during mid-day trading on Tuesday, hitting $55.62. The company had a trading volume of 193,956 shares, compared to its average volume of 207,590. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 2.87 and a beta of 0.45. The company has a debt-to-equity ratio of 18.09, a quick ratio of 0.94 and a current ratio of 1.07. Cedar Fair has a 12 month low of $45.73 and a 12 month high of $70.82.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $3.76 EPS for the quarter, topping the consensus estimate of $3.21 by $0.55. The business had revenue of $663.70 million for the quarter, compared to analyst estimates of $659.45 million. Cedar Fair had a net margin of 15.58% and a return on equity of 1,656.35%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.38 earnings per share. Analysts forecast that Cedar Fair will post 2.82 earnings per share for the current year.

In related news, CEO Richard Zimmerman acquired 6,000 shares of the stock in a transaction on Wednesday, December 19th. The shares were acquired at an average price of $48.92 per share, with a total value of $293,520.00. Following the completion of the transaction, the chief executive officer now owns 166,684 shares in the company, valued at approximately $8,154,181.28. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric Affeldt acquired 2,000 shares of the stock in a transaction on Friday, November 2nd. The stock was bought at an average cost of $51.44 per share, for a total transaction of $102,880.00. Following the transaction, the director now owns 12,200 shares of the company’s stock, valued at approximately $627,568. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 28,000 shares of company stock worth $1,416,000. Insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FUN. First Republic Investment Management Inc. purchased a new position in shares of Cedar Fair in the second quarter worth about $320,000. Morgan Stanley increased its stake in shares of Cedar Fair by 53.2% in the second quarter. Morgan Stanley now owns 898,990 shares of the company’s stock worth $56,645,000 after purchasing an additional 312,338 shares in the last quarter. Aurora Investment Counsel increased its stake in shares of Cedar Fair by 6.7% in the third quarter. Aurora Investment Counsel now owns 42,135 shares of the company’s stock worth $2,194,000 after purchasing an additional 2,645 shares in the last quarter. First Hawaiian Bank purchased a new position in shares of Cedar Fair in the third quarter worth about $378,000. Finally, Edge Wealth Management LLC purchased a new position in shares of Cedar Fair in the third quarter worth about $154,000. Hedge funds and other institutional investors own 50.77% of the company’s stock.

About Cedar Fair

Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. 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, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.

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