Q3 2016 EPS Estimates for Cedar Fair, L.P. (FUN) Cut by Analyst
Cedar Fair, L.P. (NYSE:FUN) – Analysts at KeyCorp decreased their Q3 2016 EPS estimates for Cedar Fair, L.P. in a research note issued on Sunday. KeyCorp analyst S. Hamann now anticipates that the brokerage will post earnings per share of $3.37 for the quarter, down from their prior forecast of $3.46.
Other research analysts have also issued reports about the company. FBR & Co reissued a “buy” rating and issued a $68.00 price objective (up from $60.00) on shares of Cedar Fair, L.P. in a report on Friday, July 15th. Zacks Investment Research lowered Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a report on Monday. Janney Montgomery Scott reissued a “buy” rating and issued a $69.00 price objective on shares of Cedar Fair, L.P. in a report on Wednesday, July 6th. Macquarie raised Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $60.00 to $65.00 in a report on Friday, July 8th. Finally, Credit Suisse Group AG reissued a “buy” rating and issued a $67.00 price objective on shares of Cedar Fair, L.P. in a report on Tuesday, October 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $64.83.
Shares of Cedar Fair, L.P. (NYSE:FUN) opened at 57.79 on Tuesday. Cedar Fair, L.P. has a 52 week low of $48.46 and a 52 week high of $63.40. The company has a market cap of $3.24 billion, a P/E ratio of 22.16 and a beta of 0.72. The company’s 50-day moving average price is $58.56 and its 200 day moving average price is $58.89.
Cedar Fair, L.P. (NYSE:FUN) last issued its earnings results on Wednesday, August 3rd. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by $0.04. The company earned $388 million during the quarter, compared to the consensus estimate of $390.43 million. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 earnings per share.
Hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its stake in shares of Cedar Fair, L.P. by 5.1% in the first quarter. Royal Bank of Canada now owns 921,305 shares of the company’s stock worth $54,773,000 after buying an additional 44,427 shares during the last quarter. BB&T Securities LLC acquired a new position in shares of Cedar Fair, L.P. during the first quarter worth about $205,000. UBS Group AG increased its position in shares of Cedar Fair, L.P. by 8.5% in the first quarter. UBS Group AG now owns 68,273 shares of the company’s stock worth $4,059,000 after buying an additional 5,336 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Cedar Fair, L.P. by 38.7% in the first quarter. Renaissance Technologies LLC now owns 303,150 shares of the company’s stock worth $18,022,000 after buying an additional 84,600 shares in the last quarter. Finally, Boston Advisors LLC increased its position in shares of Cedar Fair, L.P. by 0.5% in the second quarter. Boston Advisors LLC now owns 19,323 shares of the company’s stock worth $1,117,000 after buying an additional 103 shares in the last quarter.
In other news, VP Milkie Duffield sold 6,374 shares of the company’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total value of $387,794.16. Following the sale, the vice president now owns 56,550 shares in the company, valued at $3,440,502. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David R. Hoffman sold 7,043 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $60.63, for a total value of $427,017.09. Following the completion of the sale, the chief accounting officer now owns 36,611 shares in the company, valued at approximately $2,219,724.93. The disclosure for this sale can be found here.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Tuesday, September 6th were paid a $0.825 dividend. The ex-dividend date was Thursday, September 1st. This represents a $3.30 dividend on an annualized basis and a dividend yield of 5.71%.
Cedar Fair, L.P. Company Profile
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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