Q1 2024 EPS Estimates for Cedar Fair, L.P. (NYSE:FUN) Lowered by B. Riley

Cedar Fair, L.P. (NYSE:FUN) – Analysts at B. Riley dropped their Q1 2024 earnings per share (EPS) estimates for Cedar Fair in a research note issued to investors on Thursday, April 18th. B. Riley analyst E. Wold now expects that the company will earn ($2.43) per share for the quarter, down from their prior forecast of ($2.30). B. Riley has a “Buy” rating and a $52.00 price objective on the stock. The consensus estimate for Cedar Fair’s current full-year earnings is $3.27 per share. B. Riley also issued estimates for Cedar Fair’s Q2 2024 earnings at $0.92 EPS, Q3 2024 earnings at $4.08 EPS, Q4 2024 earnings at $0.17 EPS, Q1 2025 earnings at ($2.18) EPS, Q2 2025 earnings at $1.31 EPS, Q3 2025 earnings at $4.33 EPS and Q4 2025 earnings at $0.25 EPS.

Several other brokerages also recently issued reports on FUN. StockNews.com assumed coverage on Cedar Fair in a research note on Sunday. They set a “buy” rating on the stock. KeyCorp lifted their target price on Cedar Fair from $49.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Oppenheimer assumed coverage on Cedar Fair in a research note on Thursday, February 8th. They set an “outperform” rating and a $49.00 target price on the stock. Mizuho began coverage on Cedar Fair in a research note on Tuesday, March 26th. They set a “buy” rating and a $56.00 target price on the stock. Finally, Stifel Nicolaus raised their price target on Cedar Fair from $49.00 to $52.00 and gave the company a “buy” rating in a report on Friday, February 16th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $50.30.

Cedar Fair Trading Up 0.6 %

Shares of FUN opened at $38.63 on Monday. The business’s 50 day moving average is $41.09 and its 200 day moving average is $39.38. The company has a market capitalization of $1.97 billion, a PE ratio of 15.77 and a beta of 1.41. Cedar Fair has a 12-month low of $34.04 and a 12-month high of $45.39.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Thursday, February 15th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Cedar Fair had a negative return on equity of 21.06% and a net margin of 6.96%. The company had revenue of $371.12 million during the quarter, compared to analysts’ expectations of $365.13 million.

Cedar Fair Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Tuesday, March 5th. Cedar Fair’s dividend payout ratio (DPR) is 48.98%.

Hedge Funds Weigh In On Cedar Fair

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Cedar Fair by 201.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock worth $33,000 after purchasing an additional 562 shares during the period. Sound Income Strategies LLC boosted its holdings in shares of Cedar Fair by 44.4% in the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after purchasing an additional 852 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after purchasing an additional 300 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Cedar Fair in the 3rd quarter worth approximately $206,000. Finally, Saxon Interests Inc. purchased a new position in shares of Cedar Fair in the 4th quarter worth approximately $308,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

About Cedar Fair

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. 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.