Mizuho Trims Cedar Fair (NYSE:FUN) Target Price to $52.00

Cedar Fair (NYSE:FUN) had its target price lowered by Mizuho from $55.00 to $52.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also commented on FUN. StockNews.com started coverage on Cedar Fair in a research note on Saturday, August 3rd. They set a hold rating for the company. Morgan Stanley boosted their price objective on Cedar Fair from $55.00 to $65.00 and gave the stock an overweight rating in a research report on Monday, July 1st. Macquarie initiated coverage on Cedar Fair in a report on Thursday, July 18th. They set an outperform rating and a $64.00 price target for the company. JPMorgan Chase & Co. assumed coverage on Cedar Fair in a research report on Tuesday, August 6th. They set an underweight rating and a $50.00 target price on the stock. Finally, Truist Financial assumed coverage on Cedar Fair in a report on Tuesday, July 9th. They issued a buy rating and a $62.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cedar Fair presently has an average rating of Moderate Buy and a consensus target price of $59.55.

Cedar Fair Stock Down 3.2 %

Shares of NYSE:FUN traded down $1.43 during trading on Friday, reaching $43.18. 2,214,917 shares of the company’s stock traded hands, compared to its average volume of 678,215. The firm has a market cap of $2.21 billion, a PE ratio of 17.77 and a beta of 1.54. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $58.70. The company has a 50-day simple moving average of $49.17 and a 200-day simple moving average of $44.05.

Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) 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 analyst estimates of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. On average, equities research analysts forecast that Cedar Fair will post 3.63 EPS for the current year.

Cedar Fair Dividend Announcement

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

Institutional Trading of Cedar Fair

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its holdings in Cedar Fair by 4.6% during the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock worth $1,022,000 after purchasing an additional 826 shares in the last quarter. Ameritas Advisory Services LLC raised its stake in shares of Cedar Fair by 31.1% during the 2nd quarter. Ameritas Advisory Services LLC now owns 11,815 shares of the company’s stock worth $642,000 after buying an additional 2,804 shares in the last quarter. Brookstone Capital Management acquired a new stake in shares of Cedar Fair in the 2nd quarter valued at approximately $215,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Cedar Fair by 26.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after buying an additional 1,620 shares in the last quarter. Finally, Thrive Wealth Management LLC acquired a new position in Cedar Fair during the second quarter worth $252,000. Hedge funds and other institutional investors 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.