Cedar Fair, L.P. (FUN) Sees Unusually-High Trading Volume
Cedar Fair, L.P. (NYSE:FUN) shares saw unusually-strong trading volume on Wednesday . Approximately 126,815 shares changed hands during mid-day trading, a decline of 17% from the previous session’s volume of 152,660 shares.The stock last traded at $58.94 and had previously closed at $58.28.
A number of equities analysts recently weighed in on FUN shares. Zacks Investment Research raised Cedar Fair, L.P. from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Wednesday, June 29th. Stephens started coverage on Cedar Fair, L.P. in a report on Tuesday, April 19th. They issued an “equal weight” rating for the company. Finally, Janney Montgomery Scott reaffirmed a “buy” rating and issued a $69.00 price target on shares of Cedar Fair, L.P. in a report on Monday, May 23rd. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cedar Fair, L.P. presently has an average rating of “Buy” and a consensus price target of $63.14.
The company’s 50 day moving average is $58.45 and its 200-day moving average is $56.76. The company has a market capitalization of $3.33 billion and a PE ratio of 22.71.
Cedar Fair, L.P. (NYSE:FUN) last released its quarterly earnings results on Wednesday, May 4th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.12) by $0.25. The company had revenue of $58.40 million for the quarter, compared to analysts’ expectations of $51.14 million. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.50) EPS. Equities analysts forecast that Cedar Fair, L.P. will post $3.63 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Friday, June 3rd were issued a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date of this dividend was Wednesday, June 1st.
In related news, VP Craig J. Freeman sold 1,794 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $60.03, for a total transaction of $107,693.82. Following the transaction, the vice president now owns 36,921 shares of the company’s stock, valued at $2,216,367.63. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas Klein purchased 3,000 shares of the stock in a transaction that occurred on Thursday, June 2nd. The shares were bought at an average cost of $58.65 per share, for a total transaction of $175,950.00. Following the acquisition, the director now owns 17,073 shares of the company’s stock, valued at $1,001,331.45. The disclosure for this purchase can be found here.
A number of large investors have made changes to their positions in FUN. Azimuth Capital Management LLC raised its stake 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 in the last quarter. GSA Capital Partners LLP raised its stake 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 in the last quarter. California Public Employees Retirement System raised its stake 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 in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Cedar Fair, L.P. by 8.3% in the fourth quarter. Oppenheimer & Co. Inc. now owns 39,405 shares of the company’s stock worth $2,200,000 after buying an additional 3,025 shares in the last quarter.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns 11 amusement parks, three outdoor water parks, one indoor water park and five hotels. 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.