InterOcean Capital Group LLC purchased a new stake in Cedar Fair, L.P. (NYSE:FUN) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,200 shares of the company’s stock, valued at approximately $209,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Mid Atlantic Financial Management Inc. ADV acquired a new stake in Cedar Fair in the 1st quarter worth approximately $202,000. MAI Capital Management lifted its holdings in shares of Cedar Fair by 4.6% during the first quarter. MAI Capital Management now owns 15,288 shares of the company’s stock worth $760,000 after buying an additional 668 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Cedar Fair during the first quarter worth approximately $154,000. The PNC Financial Services Group Inc. lifted its holdings in shares of Cedar Fair by 14.7% during the first quarter. The PNC Financial Services Group Inc. now owns 11,685 shares of the company’s stock worth $580,000 after buying an additional 1,500 shares during the last quarter. Finally, Scotia Capital Inc. lifted its holdings in shares of Cedar Fair by 4.4% during the first quarter. Scotia Capital Inc. now owns 23,331 shares of the company’s stock worth $1,159,000 after buying an additional 987 shares during the last quarter. Hedge funds and other institutional investors own 56.61% of the company’s stock.
In related news, Director Matthew A. Ouimet sold 250,000 shares of the stock in a transaction on Monday, May 10th. The stock was sold at an average price of $46.91, for a total value of $11,727,500.00. Following the sale, the director now owns 23,065 shares in the company, valued at $1,081,979.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.10% of the company’s stock.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Wednesday, May 5th. The company reported ($1.95) earnings per share for the quarter, missing the consensus estimate of ($1.89) by ($0.06). The business had revenue of $9.70 million during the quarter, compared to analyst estimates of $6.30 million. The company’s revenue for the quarter was down 81.9% compared to the same quarter last year. During the same period last year, the business posted ($3.83) earnings per share. On average, research analysts forecast that Cedar Fair, L.P. will post -3.04 EPS for the current year.
FUN has been the topic of a number of research reports. Stifel Nicolaus boosted their price objective on Cedar Fair from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, March 24th. Zacks Investment Research cut Cedar Fair from a “buy” rating to a “hold” rating in a report on Thursday, February 11th. Credit Suisse Group upped their price target on Cedar Fair from $42.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, February 19th. KeyCorp increased their target price on Cedar Fair from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, May 6th. Finally, Macquarie raised their price target on Cedar Fair from $34.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, February 18th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $51.50.
Cedar Fair Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and complementary resort facilities in the United States and Canada. 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, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.
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