Cedar Fair, L.P. (FUN) Sees Unusually-High Trading Volume
Cedar Fair, L.P. (NYSE:FUN) saw unusually-strong trading volume on Monday . Approximately 422,119 shares changed hands during trading, an increase of 108% from the previous session’s volume of 203,205 shares.The stock last traded at $56.84 and had previously closed at $56.81.
A number of equities analysts recently commented on FUN shares. Zacks Investment Research upgraded Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Janney Montgomery Scott reiterated a “buy” rating and set a $69.00 price objective on shares of Cedar Fair, L.P. in a research report on Monday, May 23rd. Macquarie upgraded Cedar Fair, L.P. from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $60.00 to $65.00 in a research report on Friday, July 8th. Finally, FBR & Co reiterated a “buy” rating and set a $68.00 price objective (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 given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $65.29.
The stock has a market cap of $3.20 billion and a PE ratio of 21.90. The stock’s 50 day moving average is $59.74 and its 200-day moving average is $58.58.
Cedar Fair, L.P. (NYSE:FUN) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by $0.04. During the same quarter in the prior year, the company posted $1.02 EPS. The company earned $388 million during the quarter, compared to analyst estimates of $390.43 million. Cedar Fair, L.P.’s revenue for the quarter was up 2.8% on a year-over-year basis. Analysts forecast that Cedar Fair, L.P. will post $3.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Tuesday, September 6th will be issued a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date of this dividend is Thursday, September 1st.
In other Cedar Fair, L.P. news, VP Craig J. Freeman sold 1,794 shares of the stock in a transaction 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 sale, the vice president now owns 36,921 shares in the company, valued at approximately $2,216,367.63. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas Klein bought 3,000 shares of the stock in a transaction on Thursday, June 2nd. The shares were bought at an average price of $58.65 per share, for a total transaction of $175,950.00. Following the acquisition, the director now owns 17,073 shares in the company, valued at approximately $1,001,331.45. The disclosure for this purchase can be found here.
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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