Global X Management Co. LLC Boosts Stake in Cedar Fair, L.P. (FUN)

Global X Management Co. LLC boosted its position in Cedar Fair, L.P. (NYSE:FUN) by 5.6% during the second quarter, Holdings Channel reports. The institutional investor owned 120,310 shares of the company’s stock after buying an additional 6,361 shares during the period. Global X Management Co. LLC’s holdings in Cedar Fair, L.P. were worth $8,674,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of FUN. FMR LLC raised its stake in shares of Cedar Fair, L.P. by 57.0% in the first quarter. FMR LLC now owns 2,841,330 shares of the company’s stock worth $192,671,000 after buying an additional 1,031,160 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Cedar Fair, L.P. by 8.5% in the first quarter. OppenheimerFunds Inc. now owns 2,140,592 shares of the company’s stock worth $145,153,000 after buying an additional 166,891 shares in the last quarter. ING Groep NV raised its stake in shares of Cedar Fair, L.P. by 93.3% in the first quarter. ING Groep NV now owns 142,537 shares of the company’s stock worth $9,665,000 after buying an additional 68,800 shares in the last quarter. River Road Asset Management LLC raised its stake in shares of Cedar Fair, L.P. by 8.3% in the first quarter. River Road Asset Management LLC now owns 602,213 shares of the company’s stock worth $40,836,000 after buying an additional 45,983 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Cedar Fair, L.P. by 10.4% in the first quarter. Goldman Sachs Group Inc. now owns 434,254 shares of the company’s stock worth $29,447,000 after buying an additional 40,800 shares in the last quarter. Institutional investors and hedge funds own 51.77% of the company’s stock.

Cedar Fair, L.P. (NYSE:FUN) opened at 64.25 on Friday. The firm has a market capitalization of $3.61 billion, a P/E ratio of 26.95 and a beta of 0.50. Cedar Fair, L.P. has a one year low of $56.23 and a one year high of $72.56. The firm’s 50-day moving average price is $69.33 and its 200 day moving average price is $68.62.

Cedar Fair, L.P. (NYSE:FUN) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.02 by $0.20. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. The company had revenue of $392.80 million for the quarter, compared to the consensus estimate of $405.78 million. During the same period last year, the business posted $1.03 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, equities analysts anticipate that Cedar Fair, L.P. will post $3.00 earnings per share for the current fiscal year.

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 paid a dividend of $0.855 per share. The ex-dividend date is Friday, September 1st. This represents a $3.42 dividend on an annualized basis and a dividend yield of 5.32%. Cedar Fair, L.P.’s dividend payout ratio (DPR) is currently 144.30%.

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A number of equities research analysts recently weighed in on FUN shares. Zacks Investment Research lowered Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, April 24th. Goldman Sachs Group, Inc. (The) upgraded Cedar Fair, L.P. from a “buy” rating to a “conviction-buy” rating and set a $81.00 price objective on the stock in a research report on Monday, June 19th. Stifel Nicolaus started coverage on Cedar Fair, L.P. in a research report on Thursday, April 20th. They set a “buy” rating and a $78.00 price objective on the stock. Finally, BidaskClub lowered Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $74.75.

In other news, CEO Matthew A. Ouimet sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $71.20, for a total transaction of $854,400.00. Following the transaction, the chief executive officer now directly owns 207,299 shares of the company’s stock, valued at $14,759,688.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas Klein acquired 7,000 shares of Cedar Fair, L.P. stock in a transaction dated Tuesday, August 8th. The shares were bought 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 directly owns 24,960 shares of the company’s stock, valued at approximately $1,650,604.80. The disclosure for this purchase can be found here. Insiders have sold 36,100 shares of company stock worth $2,533,549 over the last ninety days. Insiders own 2.00% of the company’s stock.

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.

Want to see what other hedge funds are holding FUN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cedar Fair, L.P. (NYSE:FUN).

Institutional Ownership by Quarter for Cedar Fair, L.P. (NYSE:FUN)

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