Cedar Fair, L.P. (FUN) Hits New 12-Month High at $62.00
Cedar Fair, L.P. (NYSE:FUN)’s share price hit a new 52-week high on Thursday . The company traded as high as $62.00 and last traded at $61.63, with a volume of 125,296 shares traded. The stock had previously closed at $60.82.
A number of brokerages have recently weighed in on FUN. Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $60.00 to $65.00 in a research report on Friday, July 8th. Janney Montgomery Scott reaffirmed a “buy” rating and set a $69.00 target price on shares of Cedar Fair, L.P. in a research report on Wednesday, July 6th. Zacks Investment Research lowered Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Finally, Stephens began coverage on Cedar Fair, L.P. in a research report on Tuesday, April 19th. They set an “equal weight” rating on the stock. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $64.14.
The stock’s 50-day moving average price is $58.69 and its 200 day moving average price is $56.98. The firm has a market capitalization of $3.43 billion and a PE ratio of 23.45.
Cedar Fair, L.P. (NYSE:FUN) last issued its quarterly earnings data on Wednesday, May 4th. The company reported ($0.87) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.12) by $0.25. The business earned $58.40 million during the quarter, compared to the consensus estimate of $51.14 million. During the same quarter in the prior year, the business posted ($1.50) earnings per share. Cedar Fair, L.P.’s quarterly revenue was up 24.8% compared to the same quarter last year. Analysts expect that Cedar Fair, L.P. will post $3.66 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Friday, June 3rd were given a $0.825 dividend. The ex-dividend date was Wednesday, June 1st. This represents a $3.30 dividend on an annualized basis and a dividend yield of 5.43%.
In other news, VP Craig J. Freeman sold 1,794 shares of Cedar Fair, L.P. 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 sale, 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 filing with the SEC, which is available through this link. Also, Director Thomas Klein acquired 3,000 shares of the business’s stock in a transaction dated Thursday, June 2nd. The stock was acquired at an average price of $58.65 per share, for a total transaction of $175,950.00. Following the completion of the transaction, the director now owns 17,073 shares in the company, valued at approximately $1,001,331.45. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System boosted its position in 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 worth $9,353,000 after buying an additional 16,300 shares during the last quarter. GSA Capital Partners LLP boosted its position in 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 worth $2,724,000 after buying an additional 16,745 shares during the last quarter. Azimuth Capital Management LLC boosted its position in 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 worth $1,807,000 after buying an additional 1,385 shares during the last quarter. Finally, Trust & Fiduciary Management Services Inc. boosted its position in Cedar Fair, L.P. by 53.0% in the fourth quarter. Trust & Fiduciary Management Services Inc. now owns 78,677 shares of the company’s stock worth $4,393,000 after buying an additional 27,269 shares during the last quarter.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns approximately 10 amusement parks, three outdoor water parks, an indoor water park and five hotels. The Company operates through amusement/water parks with accompanying resort facilities segment. 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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