Cedar Fair (NYSE:FUN) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a research note released on Sunday. The brokerage issued a hold rating on the stock.

Several other research firms also recently weighed in on FUN. JPMorgan Chase & Co. initiated coverage on Cedar Fair in a report on Tuesday, August 6th. They issued an underweight rating and a $50.00 target price for the company. Stifel Nicolaus cut their price target on Cedar Fair from $68.00 to $60.00 and set a buy rating on the stock in a research report on Friday. Truist Financial decreased their price objective on Cedar Fair from $62.00 to $60.00 and set a buy rating for the company in a report on Friday. Mizuho lowered their target price on shares of Cedar Fair from $55.00 to $52.00 and set an outperform rating on the stock in a research report on Friday. Finally, B. Riley reduced their price target on shares of Cedar Fair from $77.00 to $65.00 and set a buy rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $59.55.

Cedar Fair Stock Performance

FUN stock traded down $1.24 during midday trading on Friday, reaching $41.94. 447,960 shares of the company were exchanged, compared to its average volume of 677,857. The stock’s 50-day simple moving average is $49.17 and its 200 day simple moving average is $44.08. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $58.70. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 17.77 and a beta of 1.54.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The company had revenue of $101.62 million during the quarter, compared to analysts’ expectations of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. On average, research analysts anticipate that Cedar Fair will post 3.63 earnings per share for the current year.

Cedar Fair Announces Dividend

The business also recently declared a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were issued a $1.53 dividend. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s dividend payout ratio (DPR) is 49.38%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC purchased a new stake in Cedar Fair in the 4th quarter worth approximately $463,000. Carnegie Capital Asset Management LLC increased its stake in Cedar Fair by 10.9% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company’s stock valued at $420,000 after purchasing an additional 1,033 shares during the last quarter. Kestra Private Wealth Services LLC purchased a new position in Cedar Fair during the fourth quarter worth about $1,834,000. Jump Financial LLC purchased a new stake in Cedar Fair in the 4th quarter valued at about $617,000. Finally, Brown Advisory Inc. grew its holdings in Cedar Fair by 1.1% in the 4th quarter. Brown Advisory Inc. now owns 94,486 shares of the company’s stock valued at $3,761,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 64.65% of the company’s stock.

Cedar Fair Company Profile

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. 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 in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.