Cedar Fair, L.P. (FUN) Sees Strong Trading Volume
Cedar Fair, L.P. (NYSE:FUN) shares saw an uptick in trading volume on Friday . 111,043 shares changed hands during 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.
A number of brokerages have issued reports on FUN. FBR & Co restated a “buy” rating on shares of Cedar Fair, L.P. in a research note on Friday. Zacks Investment Research upgraded shares of Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Janney Montgomery Scott restated a “buy” rating and set a $69.00 price target on shares of Cedar Fair, L.P. in a research note on Wednesday, July 6th. Macquarie upgraded shares of Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and upped their price target for the company from $60.00 to $65.00 in a research note on Friday, July 8th. Finally, Stephens began coverage on shares of Cedar Fair, L.P. in a research note 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 given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $64.14.
The firm has a market cap of $3.46 billion and a price-to-earnings ratio of 23.65. The company’s 50 day moving average is $58.81 and its 200-day moving average is $57.07.
Cedar Fair, L.P. (NYSE:FUN) last issued its quarterly earnings results on Wednesday, May 4th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.12) by $0.25. During the same quarter in the prior year, the firm earned ($1.50) EPS. The firm earned $58.40 million during the quarter, compared to analysts’ expectations of $51.14 million. The firm’s revenue was up 24.8% compared to the same quarter last year. On average, analysts predict that Cedar Fair, L.P. will post $3.66 earnings per share for the current fiscal year.
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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Klein purchased 3,000 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The stock was purchased at an average price of $58.00 per share, with a total value of $174,000.00. Following the purchase, the director now directly owns 14,073 shares of the company’s stock, valued at $816,234. The disclosure for this purchase can be found here.
A number of hedge funds recently added to or reduced their stakes in the company. Trust & Fiduciary Management Services Inc. boosted its stake 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. Azimuth Capital Management LLC boosted its stake 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. GSA Capital Partners LLP boosted its stake 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. Finally, California Public Employees Retirement System boosted its stake 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.
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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