Cedar Fair, L.P. (FUN) Hits New 52-Week High at $60.63
Shares of Cedar Fair, L.P. (NYSE:FUN) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $60.63 and last traded at $59.22, with a volume of 159,419 shares. The stock had previously closed at $58.82.
A number of analysts recently issued reports on the company. Zacks Investment Research raised Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Janney Montgomery Scott reissued a “buy” rating and set a $69.00 target price on shares of Cedar Fair, L.P. in a research note on Monday, May 23rd. Stephens assumed coverage on Cedar Fair, L.P. in a research note on Tuesday, April 19th. They set an “equal weight” rating for the company. Finally, Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $60.00 to $65.00 in a research note on Friday. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Cedar Fair, L.P. currently has a consensus rating of “Buy” and a consensus price target of $64.14.
The firm has a market capitalization of $3.33 billion and a P/E ratio of 22.74. The firm has a 50-day moving average of $58.48 and a 200 day moving average of $56.78.
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.87) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.12) by $0.25. The company earned $58.40 million during the quarter, compared to analyst estimates of $51.14 million. During the same period in the prior year, the firm earned ($1.50) earnings per share. Cedar Fair, L.P.’s revenue was up 24.8% compared to the same quarter last year. Equities analysts predict that Cedar Fair, L.P. will post $3.63 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Friday, June 3rd were paid a $0.825 dividend. This represents a $3.30 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend was Wednesday, June 1st.
In other Cedar Fair, L.P. news, VP Craig J. Freeman sold 1,794 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $60.03, for a total value of $107,693.82. Following the transaction, the vice president now directly owns 36,921 shares of the company’s stock, valued at $2,216,367.63. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas Klein purchased 3,000 shares of the company’s stock in a transaction on Monday, May 16th. The stock was acquired at an average cost of $58.00 per share, for a total transaction of $174,000.00. Following the completion of the purchase, the director now owns 14,073 shares of the company’s stock, valued at approximately $816,234. The disclosure for this purchase can be found here.
A number of institutional investors have modified their holdings of FUN. Azimuth Capital Management LLC raised its position in shares of Cedar Fair, L.P. by 4.5% in the fourth quarter. Azimuth Capital Management LLC now owns 32,360 shares of the company’s stock valued at $1,807,000 after buying an additional 1,385 shares during the period. GSA Capital Partners LLP raised its position in shares of Cedar Fair, L.P. by 52.3% in the fourth quarter. GSA Capital Partners LLP now owns 48,789 shares of the company’s stock valued at $2,724,000 after buying an additional 16,745 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Cedar Fair, L.P. by 10.8% in the fourth quarter. California Public Employees Retirement System now owns 167,500 shares of the company’s stock valued at $9,353,000 after buying an additional 16,300 shares during the period.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns 11 amusement parks, three outdoor water parks, one indoor water park and five hotels. Its amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada’s Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (Dorney Park), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St.
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