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. “
Other equities analysts have also issued reports about the stock. FBR & Co reiterated a buy rating and issued a $68.00 price target (up from $60.00) on shares of Cedar Fair, L.P. in a research note on Friday, July 15th. Janney Montgomery Scott reiterated a buy rating and issued a $69.00 price target on shares of Cedar Fair, L.P. in a research note on Wednesday, July 6th. Macquarie upgraded shares of Cedar Fair, L.P. from a neutral rating to an outperform rating and increased their price target for the company from $60.00 to $65.00 in a research note on Friday, July 8th. Credit Suisse Group AG reiterated a buy rating and issued a $67.00 price target on shares of Cedar Fair, L.P. in a research note on Tuesday, October 4th. Finally, Wedbush lowered shares of Cedar Fair, L.P. from an outperform rating to a neutral rating in a research note on Friday, September 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $64.83.
Shares of Cedar Fair, L.P. (NYSE:FUN) opened at 57.37 on Monday. The stock has a 50 day moving average of $58.53 and a 200-day moving average of $58.88. Cedar Fair, L.P. has a 12-month low of $48.46 and a 12-month high of $63.40. The company has a market capitalization of $3.22 billion, a PE ratio of 22.00 and a beta of 0.72.
Cedar Fair, L.P. (NYSE:FUN) last released its earnings results on Wednesday, August 3rd. The company reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by $0.04. The company had revenue of $388 million for the quarter, compared to analysts’ expectations of $390.43 million. During the same quarter last year, the firm earned $1.02 EPS. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. Analysts predict that Cedar Fair, L.P. will post $3.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Tuesday, September 6th were issued a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 5.75%. The ex-dividend date of this dividend was Thursday, September 1st.
In related news, VP Milkie Duffield sold 6,374 shares of the stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total transaction of $387,794.16. Following the completion of the sale, the vice president now directly owns 56,550 shares of the company’s stock, valued at $3,440,502. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO David R. Hoffman sold 7,043 shares of the stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $60.63, for a total value of $427,017.09. Following the sale, the chief accounting officer now directly owns 36,611 shares of the company’s stock, valued at $2,219,724.93. The disclosure for this sale can be found here.
Several large investors have recently modified their holdings of FUN. Loomis Sayles & Co. L P bought a new stake in shares of Cedar Fair, L.P. during the first quarter valued at $172,000. Raymond James Trust N.A. bought a new stake in shares of Cedar Fair, L.P. during the third quarter valued at $204,000. BB&T Securities LLC bought a new stake in shares of Cedar Fair, L.P. during the first quarter valued at $205,000. Concert Wealth Management Inc. bought a new stake in shares of Cedar Fair, L.P. during the second quarter valued at $216,000. Finally, Huntington National Bank increased its stake in shares of Cedar Fair, L.P. by 1.7% in the second quarter. Huntington National Bank now owns 3,745 shares of the company’s stock valued at $217,000 after buying an additional 62 shares in the last quarter.
Cedar Fair, L.P. Company Profile
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns approximately 10 amusement parks, three outdoor water parks, an indoor water park and five hotels. The Company operates through amusement/water parks with accompanying resort facilities segment. Its amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada’s Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (Dorney Park), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St.
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