Zacks Investment Research Lowers Cedar Fair, L.P. (FUN) to Sell

Zacks Investment Research downgraded shares of Cedar Fair, L.P. (NYSE:FUN) from a hold rating to a sell rating in a research report report published on Monday.

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. “

FUN has been the topic of a number of other research reports. Goldman Sachs Group Inc began coverage on shares of Cedar Fair, L.P. in a research report on Thursday, April 6th. They issued a buy rating and a $81.00 target price on the stock. Janney Montgomery Scott restated a buy rating and issued a $76.00 target price on shares of Cedar Fair, L.P. in a research report on Thursday, February 16th. Wedbush raised their target price on shares of Cedar Fair, L.P. from $69.00 to $72.00 and gave the company an outperform rating in a research report on Thursday, February 16th. SunTrust Banks, Inc. began coverage on shares of Cedar Fair, L.P. in a research report on Wednesday, April 12th. They issued a hold rating and a $72.00 target price on the stock. Finally, Stifel Nicolaus began coverage on shares of Cedar Fair, L.P. in a research report on Thursday, April 20th. They issued a buy rating and a $78.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. Cedar Fair, L.P. presently has an average rating of Buy and an average price target of $72.89.

Analyst Recommendations for Cedar Fair, L.P. (NYSE:FUN)

Shares of Cedar Fair, L.P. (NYSE:FUN) traded down 0.38% during mid-day trading on Monday, hitting $71.34. The stock had a trading volume of 23,577 shares. Cedar Fair, L.P. has a 12-month low of $56.17 and a 12-month high of $71.92. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 22.72 and a beta of 0.74. The stock’s 50-day moving average price is $68.55 and its 200-day moving average price is $63.77.

Cedar Fair, L.P. (NYSE:FUN) last issued its earnings results on Wednesday, February 15th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by $0.14. Cedar Fair, L.P. had a net margin of 12.57% and a return on equity of 768.42%. The company earned $192 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the prior year, the business earned ($0.46) EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts anticipate that Cedar Fair, L.P. will post $3.58 EPS for the current fiscal year.

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In other news, CEO Matthew A. Ouimet sold 9,000 shares of Cedar Fair, L.P. stock in a transaction on Tuesday, April 11th. The shares were sold at an average price of $68.13, for a total transaction of $613,170.00. Following the transaction, the chief executive officer now owns 234,299 shares in the company, valued at $15,962,790.87. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Kelley Semmelroth sold 5,419 shares of Cedar Fair, L.P. stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $68.48, for a total transaction of $371,093.12. Following the transaction, the chief marketing officer now owns 34,930 shares in the company, valued at approximately $2,392,006.40. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new position in shares of Cedar Fair, L.P. during the third quarter worth approximately $155,000. Dubuque Bank & Trust Co. acquired a new position in shares of Cedar Fair, L.P. during the first quarter worth approximately $188,000. Woodstock Corp acquired a new position in shares of Cedar Fair, L.P. during the first quarter worth approximately $203,000. Dynamic Advisors Solutions LLC raised its position in shares of Cedar Fair, L.P. by 1.2% in the first quarter. Dynamic Advisors Solutions LLC now owns 3,458 shares of the company’s stock worth $235,000 after buying an additional 42 shares during the period. Finally, Aveo Capital Partners LLC acquired a new position in shares of Cedar Fair, L.P. during the fourth quarter worth approximately $248,000. Institutional investors own 48.91% of the company’s stock.

Cedar Fair, L.P. 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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