Wall Street brokerages expect Cedar Fair, L.P. (NYSE:FUN) to announce sales of $671.06 million for the current quarter, according to Zacks. Six analysts have made estimates for Cedar Fair, L.P.’s earnings. The highest sales estimate is $693.40 million and the lowest is $664.00 million. Cedar Fair, L.P. posted sales of $650.28 million during the same quarter last year, which indicates a positive year-over-year growth rate of 3.2%. The firm is expected to issue its next earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Cedar Fair, L.P. will report full year sales of $671.06 million for the current financial year, with estimates ranging from $1.32 billion to $1.37 billion. For the next year, analysts expect that the business will report sales of $1.39 billion per share, with estimates ranging from $1.38 billion to $1.43 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Cedar Fair, L.P..
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by $0.20. The company had revenue of $392.80 million during the quarter, compared to analyst estimates of $405.78 million. Cedar Fair, L.P. had a return on equity of 1,048.17% and a net margin of 10.50%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.03 earnings per share.
FUN has been the topic of several research analyst reports. Zacks Investment Research lowered shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. BidaskClub lowered shares of Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Stifel Nicolaus reissued a “buy” rating and issued a $78.00 price objective on shares of Cedar Fair, L.P. in a research report on Friday, July 7th. Finally, Goldman Sachs Group, Inc. (The) reissued a “buy” rating and issued a $81.00 price objective on shares of Cedar Fair, L.P. in a research report on Tuesday, July 4th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $74.75.
In other Cedar Fair, L.P. news, Director Thomas Klein purchased 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were acquired at an average cost of $66.13 per share, for a total transaction of $462,910.00. Following the completion of the purchase, the director now owns 24,960 shares of the company’s stock, valued at approximately $1,650,604.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew A. Ouimet sold 15,000 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $70.15, for a total transaction of $1,052,250.00. Following the completion of the transaction, the chief executive officer now owns 220,499 shares in the company, valued at $15,468,004.85. The disclosure for this sale can be found here. Insiders sold 36,100 shares of company stock worth $2,533,549 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in FUN. Advisory Services Network LLC acquired a new position in Cedar Fair, L.P. during the first quarter valued at approximately $102,000. Solaris Asset Management LLC increased its position in Cedar Fair, L.P. by 8.4% in the second quarter. Solaris Asset Management LLC now owns 1,545 shares of the company’s stock valued at $111,000 after buying an additional 120 shares during the period. Captrust Financial Advisors acquired a new position in Cedar Fair, L.P. during the second quarter valued at approximately $123,000. Peddock Capital Advisors LLC acquired a new position in Cedar Fair, L.P. during the second quarter valued at approximately $144,000. Finally, Dubuque Bank & Trust Co. acquired a new position in Cedar Fair, L.P. during the first quarter valued at approximately $188,000. Institutional investors and hedge funds own 51.77% of the company’s stock.
Cedar Fair, L.P. (FUN) traded down 0.0797% during mid-day trading on Friday, reaching $64.1988. 113,117 shares of the company’s stock traded hands. Cedar Fair, L.P. has a 1-year low of $56.23 and a 1-year high of $72.56. The firm has a 50 day moving average of $69.33 and a 200 day moving average of $68.62. The firm has a market cap of $3.61 billion, a PE ratio of 26.9290 and a beta of 0.50.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be given a $0.855 dividend. This represents a $3.42 annualized dividend and a dividend yield of 5.32%. The ex-dividend date is Friday, September 1st. Cedar Fair, L.P.’s payout ratio is presently 144.30%.
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About Cedar Fair, L.P.
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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