Cedar Fair, L.P. (FUN) Sets New 12-Month High at $60.63
Shares of Cedar Fair, L.P. (NYSE:FUN) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $60.63 and last traded at $59.22, with a volume of 159,419 shares changing hands. The stock had previously closed at $58.82.
Several analysts have recently issued reports on the company. Zacks Investment Research upgraded Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Janney Montgomery Scott restated a “buy” rating and issued a $69.00 price objective on shares of Cedar Fair, L.P. in a research report on Monday, May 23rd. Stephens assumed coverage on Cedar Fair, L.P. in a research report on Tuesday, April 19th. They issued an “equal weight” rating on the stock. Finally, Macquarie upgraded Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $60.00 to $65.00 in a research report on Friday. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Cedar Fair, L.P. presently has a consensus rating of “Buy” and an average target price of $64.14.
The firm has a 50-day moving average of $58.52 and a 200-day moving average of $56.83. The firm has a market cap of $3.33 billion and a PE ratio of 22.72.
Cedar Fair, L.P. (NYSE:FUN) last announced its earnings results on Wednesday, May 4th. The company reported ($0.87) earnings per share for the quarter, beating the consensus estimate of ($1.12) by $0.25. During the same period in the previous year, the firm earned ($1.50) EPS. The business had revenue of $58.40 million for the quarter, compared to the consensus estimate of $51.14 million. The firm’s revenue was up 24.8% on a year-over-year basis. Analysts predict that Cedar Fair, L.P. will post $3.63 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Friday, June 3rd were given a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend was Wednesday, June 1st.
In other news, VP Craig J. Freeman sold 1,794 shares of Cedar Fair, L.P. stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $60.03, for a total transaction of $107,693.82. Following the transaction, the vice president now directly owns 36,921 shares in the company, valued at approximately $2,216,367.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas Klein purchased 3,000 shares of the stock in a transaction dated Monday, May 16th. The shares were purchased at an average price of $58.00 per share, for a total transaction of $174,000.00. Following the completion of the transaction, the director now owns 14,073 shares in the company, valued at approximately $816,234. The disclosure for this purchase can be found here.
Several institutional investors have recently modified their holdings of the stock. Azimuth Capital Management LLC boosted 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 boosted 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 boosted 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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