StockNews.com Begins Coverage on Cedar Fair (NYSE:FUN)

StockNews.com initiated coverage on shares of Cedar Fair (NYSE:FUN) in a research report sent to investors on Monday. The firm issued a buy rating on the stock.

A number of other equities analysts also recently issued reports on the company. Mizuho initiated coverage on Cedar Fair in a report on Tuesday, March 26th. They issued a buy rating and a $56.00 price objective for the company. B. Riley reissued a buy rating and set a $52.00 price target (up from $50.00) on shares of Cedar Fair in a research report on Friday, February 16th. Truist Financial upped their price objective on shares of Cedar Fair from $46.00 to $48.00 and gave the stock a buy rating in a report on Friday, February 16th. Oppenheimer initiated coverage on shares of Cedar Fair in a report on Thursday, February 8th. They set an outperform rating and a $49.00 target price for the company. Finally, KeyCorp upped their price target on Cedar Fair from $49.00 to $52.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $50.30.

Cedar Fair Price Performance

FUN opened at $38.10 on Monday. Cedar Fair has a one year low of $34.04 and a one year high of $45.39. The business has a 50 day simple moving average of $40.76 and a two-hundred day simple moving average of $39.46. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 15.55 and a beta of 1.41.

Cedar Fair (NYSE:FUN) last announced its 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 net margin of 6.96% and a negative return on equity of 21.06%. The business had revenue of $371.12 million for the quarter, compared to the consensus estimate of $365.13 million. As a group, sell-side analysts expect that Cedar Fair will post 3.27 EPS for the current fiscal year.

Cedar Fair Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.20 annualized dividend and a yield of 3.15%. Cedar Fair’s dividend payout ratio is 48.98%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. raised its holdings in shares of Cedar Fair by 10.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after purchasing an additional 300 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in Cedar Fair by 2.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 15,685 shares of the company’s stock worth $580,000 after purchasing an additional 353 shares during the period. Raymond James & Associates raised its stake in Cedar Fair by 1.5% during the 3rd quarter. Raymond James & Associates now owns 27,960 shares of the company’s stock valued at $1,035,000 after buying an additional 405 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Cedar Fair by 201.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock valued at $33,000 after buying an additional 562 shares during the period. Finally, Sound Income Strategies LLC lifted its holdings in shares of Cedar Fair by 44.4% during the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock valued at $110,000 after buying an additional 852 shares during the period. 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.