Cedar Fair, L.P. (FUN) Sees Unusually-High Trading Volume
Shares of Cedar Fair, L.P. (NYSE:FUN) saw an uptick in trading volume on Tuesday . 257,977 shares changed hands during trading, an increase of 58% from the previous session’s volume of 163,235 shares.The stock last traded at $59.05 and had previously closed at $58.52.
Several brokerages have recently commented on FUN. FBR & Co raised their price objective on shares of Cedar Fair, L.P. to $68.00 and gave the company an “outperform” rating in a research report on Monday, July 18th. Macquarie upgraded shares of Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $60.00 to $65.00 in a research report on Friday, July 8th. Janney Montgomery Scott restated a “buy” rating and set a $69.00 price objective on shares of Cedar Fair, L.P. in a research report on Wednesday, July 6th. Zacks Investment Research downgraded shares of 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 shares of Cedar Fair, L.P. in a research report on Tuesday, April 19th. They set an “equal weight” rating on the stock. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.29.
The company has a 50-day moving average price of $59.43 and a 200 day moving average price of $57.70. The firm has a market capitalization of $3.28 billion and a price-to-earnings ratio of 22.37.
Cedar Fair, L.P. (NYSE:FUN) last released its quarterly earnings data on Wednesday, May 4th. The company reported ($0.87) EPS for the quarter, beating the consensus estimate of ($1.12) by $0.25. The business earned $58.40 million during the quarter, compared to analysts’ expectations of $51.14 million. During the same period last year, the company earned ($1.50) earnings per share. The firm’s revenue was up 24.8% on a year-over-year basis. Equities analysts anticipate that Cedar Fair, L.P. will post $3.66 earnings per share for the current fiscal year.
In other Cedar Fair, L.P. news, Director Thomas Klein acquired 3,000 shares of the company’s stock in a transaction dated Thursday, June 2nd. The shares were acquired at an average cost 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 $1,001,331.45. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Craig J. Freeman sold 1,794 shares of the company’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $60.03, for a total transaction of $107,693.82. Following the completion of the sale, the vice president now directly owns 36,921 shares in the company, valued at $2,216,367.63. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Cedar Fair, L.P. stock. Trust & Fiduciary Management Services Inc. raised its stake in shares of Cedar Fair, L.P. (NYSE:FUN) by 53.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,677 shares of the company’s stock after buying an additional 27,269 shares during the period. Cedar Fair, L.P. makes up 3.5% of Trust & Fiduciary Management Services Inc.’s portfolio, making the stock its 14th largest position. Trust & Fiduciary Management Services Inc. owned about 0.14% of Cedar Fair, L.P. worth $4,393,000 as of its most recent SEC filing.
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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