Cedar Fair, L.P. (FUN) Sees Large Volume Increase
Cedar Fair, L.P. (NYSE:FUN) saw strong trading volume on Friday . 111,043 shares traded hands during mid-day trading, a decline of 25% from the previous session’s volume of 148,651 shares.The stock last traded at $61.82 and had previously closed at $61.55.
FUN has been the subject of a number of analyst reports. FBR & Co reissued a “buy” rating on shares of Cedar Fair, L.P. in a research report on Friday. Macquarie raised shares of Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and increased their target price for the company from $60.00 to $65.00 in a research report on Friday, July 8th. Janney Montgomery Scott reissued 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 cut shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Finally, Stephens initiated coverage on shares of Cedar Fair, L.P. in a research report on Tuesday, April 19th. They set an “equal weight” rating for the company. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.14.
The company has a market cap of $3.46 billion and a price-to-earnings ratio of 23.65. The stock’s 50-day moving average price is $58.74 and its 200 day moving average price is $57.02.
Cedar Fair, L.P. (NYSE:FUN) last announced its quarterly earnings data on Wednesday, May 4th. The company reported ($0.87) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.12) by $0.25. During the same quarter last year, the firm posted ($1.50) EPS. The business earned $58.40 million during the quarter, compared to analyst estimates of $51.14 million. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. Equities research 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. Investors of record on Friday, June 3rd were issued a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date of this dividend was Wednesday, June 1st.
In related 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 shares were sold at an average price of $60.03, for a total value of $107,693.82. Following the completion of the transaction, the vice president now owns 36,921 shares in the company, valued at $2,216,367.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Klein acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 2nd. The stock was acquired at an average price of $58.65 per share, with a total value of $175,950.00. Following the acquisition, the director now directly owns 17,073 shares of the company’s stock, valued at approximately $1,001,331.45. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. 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 worth $1,807,000 after buying an additional 1,385 shares during the period. 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 worth $9,353,000 after buying an additional 16,300 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 worth $2,724,000 after buying an additional 16,745 shares during the period. Finally, Trust & Fiduciary Management Services Inc. boosted its position in shares of 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 period.
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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