Waratah Capital Advisors Ltd. Buys 64,116 Shares of Cedar Fair, L.P. (NYSE:FUN)

Waratah Capital Advisors Ltd. lifted its stake in shares of Cedar Fair, L.P. (NYSE:FUN – Get Rating) by 3.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,742,945 shares of the company’s stock after purchasing an additional 64,116 shares during the quarter. Cedar Fair comprises about 1.3% of Waratah Capital Advisors Ltd.’s investment portfolio, making the stock its 4th largest position. Waratah Capital Advisors Ltd. owned approximately 3.06% of Cedar Fair worth $95,513,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Tyler Stone Wealth Management purchased a new position in Cedar Fair in the 4th quarter valued at about $33,000. Valley National Advisers Inc. acquired a new stake in Cedar Fair during the 1st quarter worth approximately $42,000. CWM LLC acquired a new stake in Cedar Fair during the 4th quarter worth approximately $58,000. Islay Capital Management LLC acquired a new stake in Cedar Fair in the first quarter valued at approximately $136,000. Finally, InterOcean Capital Group LLC acquired a new stake in Cedar Fair in the fourth quarter valued at approximately $210,000. 62.78% of the stock is owned by institutional investors and hedge funds.

Cedar Fair Price Performance

FUN traded up $1.27 during trading hours on Friday, hitting $42.27. 908,177 shares of the stock were exchanged, compared to its average volume of 457,240. The stock has a 50-day simple moving average of $43.20 and a 200-day simple moving average of $49.68. Cedar Fair, L.P. has a 12 month low of $37.78 and a 12 month high of $62.56. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 29.15 and a beta of 1.70.

Cedar Fair (NYSE:FUN – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported ($1.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.96) by $0.40. The firm had revenue of $99.00 million for the quarter, compared to analysts’ expectations of $76.28 million. Cedar Fair had a negative return on equity of 12.62% and a net margin of 4.85%. The firm’s revenue for the quarter was up 920.6% on a year-over-year basis. During the same period last year, the business posted ($1.95) earnings per share. Sell-side analysts expect that Cedar Fair, L.P. will post 4.09 EPS for the current year.

Cedar Fair Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Tuesday, August 30th.

Analyst Upgrades and Downgrades

FUN has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Cedar Fair from $75.00 to $63.00 in a research report on Thursday. TheStreet raised shares of Cedar Fair from a “d+” rating to a “c” rating in a research report on Wednesday. StockNews.com raised shares of Cedar Fair from a “hold” rating to a “buy” rating in a research report on Friday. KeyCorp set a $55.00 target price on Cedar Fair in a research note on Tuesday, July 19th. Finally, Citigroup reduced their target price on Cedar Fair from $67.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, July 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.88.

Cedar Fair Company Profile

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Cedar Fair, L.P. owns and operates amusement and water parks, and complementary resort facilities in the United States and Canada. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.