Cedar Fair, L.P. (FUN) Stake Cut by Mondrian Investment Partners LTD
Mondrian Investment Partners LTD cut its stake in Cedar Fair, L.P. (NYSE:FUN) by 7.3% during the second quarter, Holdings Channel reports. The firm owned 57,279 shares of the company’s stock after selling 4,526 shares during the period. Mondrian Investment Partners LTD’s holdings in Cedar Fair, L.P. were worth $4,130,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guggenheim Capital LLC boosted its position in shares of Cedar Fair, L.P. by 17.2% in the fourth quarter. Guggenheim Capital LLC now owns 10,978 shares of the company’s stock valued at $705,000 after buying an additional 1,610 shares during the period. Creative Planning boosted its position in shares of Cedar Fair, L.P. by 1.4% in the first quarter. Creative Planning now owns 15,001 shares of the company’s stock valued at $1,017,000 after buying an additional 209 shares during the period. Private Advisor Group LLC boosted its position in shares of Cedar Fair, L.P. by 55.0% in the first quarter. Private Advisor Group LLC now owns 13,708 shares of the company’s stock valued at $933,000 after buying an additional 4,866 shares during the period. Janus Capital Management LLC boosted its position in shares of Cedar Fair, L.P. by 4.4% in the first quarter. Janus Capital Management LLC now owns 625,955 shares of the company’s stock valued at $42,446,000 after buying an additional 26,315 shares during the period. Finally, Dubuque Bank & Trust Co. purchased a new position in shares of Cedar Fair, L.P. during the first quarter valued at about $188,000. 51.77% of the stock is owned by institutional investors and hedge funds.
Cedar Fair, L.P. (FUN) opened at 64.25 on Friday. The stock has a market capitalization of $3.61 billion, a PE ratio of 26.95 and a beta of 0.50. The stock’s 50 day moving average is $69.33 and its 200 day moving average is $68.62. Cedar Fair, L.P. has a 12-month low of $56.23 and a 12-month high of $72.56.
Cedar Fair, L.P. (NYSE:FUN) last released its earnings results on Wednesday, August 2nd. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $392.80 million during the quarter, compared to analyst estimates of $405.78 million. Cedar Fair, L.P. had a return on equity of 1,048.17% and a net margin of 10.50%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the business earned $1.03 earnings per share. Equities analysts anticipate that Cedar Fair, L.P. will post $3.00 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be paid a $0.855 dividend. This represents a $3.42 dividend on an annualized basis and a yield of 5.32%. The ex-dividend date of this dividend is Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio (DPR) is presently 144.30%.
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FUN has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Stifel Nicolaus initiated coverage on shares of Cedar Fair, L.P. in a report on Thursday, April 20th. They issued a “buy” rating and a $78.00 target price for the company. BidaskClub cut shares of Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $81.00 target price on shares of Cedar Fair, L.P. in a report on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. Cedar Fair, L.P. presently has an average rating of “Hold” and a consensus price target of $74.75.
In related news, CEO Matthew A. Ouimet sold 12,000 shares of Cedar Fair, L.P. stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $71.20, for a total value of $854,400.00. Following the completion of the sale, the chief executive officer now directly owns 207,299 shares in the company, valued at approximately $14,759,688.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Klein bought 7,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was bought at an average price of $66.13 per share, with a total value of $462,910.00. Following the completion of the purchase, the director now directly owns 24,960 shares in the company, valued at $1,650,604.80. The disclosure for this purchase can be found here. Insiders sold a total of 36,100 shares of company stock valued at $2,533,549 over the last quarter. 2.00% of the stock is owned by company insiders.
Cedar Fair, L.P. Company Profile
Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.
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