Wells Fargo & Company MN grew its stake in Cedar Fair, L.P. (NYSE:FUN) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 209,453 shares of the company’s stock after purchasing an additional 8,974 shares during the quarter. Wells Fargo & Company MN owned approximately 0.37% of Cedar Fair worth $9,989,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Optimum Investment Advisors lifted its stake in shares of Cedar Fair by 10.8% in the second quarter. Optimum Investment Advisors now owns 2,049 shares of the company’s stock worth $98,000 after buying an additional 200 shares in the last quarter. Aurora Investment Counsel grew its holdings in shares of Cedar Fair by 0.9% in the second quarter. Aurora Investment Counsel now owns 45,639 shares of the company’s stock valued at $2,303,000 after purchasing an additional 410 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Cedar Fair by 2.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 19,903 shares of the company’s stock valued at $1,047,000 after purchasing an additional 505 shares in the last quarter. Creative Planning grew its holdings in shares of Cedar Fair by 9.4% in the second quarter. Creative Planning now owns 6,521 shares of the company’s stock valued at $311,000 after purchasing an additional 558 shares in the last quarter. Finally, Personal Wealth Partners acquired a new position in shares of Cedar Fair in the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 52.55% of the company’s stock.
A number of brokerages recently weighed in on FUN. Zacks Investment Research upgraded shares of Cedar Fair from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Tuesday. KeyCorp lowered their price target on shares of Cedar Fair from $70.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, August 19th. TheStreet upgraded shares of Cedar Fair from a “c” rating to a “b-” rating in a report on Thursday, August 29th. B. Riley set a $60.00 price target on shares of Cedar Fair and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Wedbush reiterated an “outperform” rating on shares of Cedar Fair in a report on Thursday, September 5th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $63.50.
Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.86 by $0.25. The firm had revenue of $436.19 million during the quarter, compared to the consensus estimate of $410.86 million. Cedar Fair had a net margin of 12.03% and a negative return on equity of 939.99%. Cedar Fair’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 EPS. Sell-side analysts expect that Cedar Fair, L.P. will post 3.36 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.925 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $3.70 dividend on an annualized basis and a yield of 6.68%. Cedar Fair’s payout ratio is currently 122.52%.
Cedar Fair Company Profile
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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