Cedar Fair, L.P. (FUN) Sees Unusually-High Trading Volume
Cedar Fair, L.P. (NYSE:FUN) shares saw unusually-strong trading volume on Friday . Approximately 315,188 shares changed hands during trading, an increase of 67% from the previous session’s volume of 188,396 shares.The stock last traded at $59.78 and had previously closed at $59.61.
Several analysts recently issued reports on FUN shares. Stephens started 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. Zacks Investment Research lowered shares of Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, April 25th. Janney Montgomery Scott restated a “buy” rating and issued a $69.00 target price on shares of Cedar Fair, L.P. in a research report on Monday, May 23rd. Macquarie upgraded shares of Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and raised their target price for the company from $60.00 to $65.00 in a research report on Friday, July 8th. Finally, FBR & Co restated a “buy” rating and issued a $68.00 target price (up previously from $60.00) on shares of Cedar Fair, L.P. in a research report on Friday, July 15th. Two investment 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. Cedar Fair, L.P. has an average rating of “Buy” and a consensus target price of $65.29.
The firm has a market capitalization of $3.34 billion and a PE ratio of 22.86. The stock’s 50-day moving average is $59.86 and its 200-day moving average is $58.04.
Cedar Fair, L.P. (NYSE:FUN) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $1.03 EPS for the quarter, missing the Zacks’ consensus estimate of $1.07 by $0.04. The business had revenue of $388 million for the quarter, compared to analyst estimates of $390.43 million. Cedar Fair, L.P.’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. On average, analysts forecast that Cedar Fair, L.P. will post $3.65 EPS for the current fiscal year.
In related news, Director Thomas Klein purchased 3,000 shares of the business’s stock in a transaction 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 purchase, the director now directly owns 17,073 shares in the company, valued at $1,001,331.45. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Craig J. Freeman sold 1,794 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 36,921 shares of the company’s stock, valued at approximately $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. increased its position in Cedar Fair, L.P. (NYSE:FUN) by 53.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 78,677 shares of the company’s stock after buying an additional 27,269 shares during the period. Cedar Fair, L.P. comprises approximately 3.5% of Trust & Fiduciary Management Services Inc.’s holdings, making the stock its 14th largest position. Trust & Fiduciary Management Services Inc. owned approximately 0.14% of Cedar Fair, L.P. worth $4,393,000 at the end of the most recent reporting 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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