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

StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a report released on Saturday morning. The firm issued a hold rating on the stock.

Other equities research analysts have also issued research reports about the company. Mizuho lowered their target price on Cedar Fair from $56.00 to $55.00 and set a buy rating for the company in a research note on Wednesday, May 15th. B. Riley increased their price objective on shares of Cedar Fair from $52.00 to $59.00 and gave the company a buy rating in a research report on Wednesday, June 12th. Macquarie assumed coverage on shares of Cedar Fair in a research report on Thursday, July 18th. They set an outperform rating and a $64.00 target price on the stock. Stifel Nicolaus reaffirmed a buy rating and set a $68.00 price target (up from $53.00) on shares of Cedar Fair in a report on Friday, July 12th. Finally, Truist Financial started coverage on shares of Cedar Fair in a report on Tuesday, July 9th. They issued a buy rating and a $62.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Cedar Fair currently has an average rating of Moderate Buy and a consensus target price of $60.10.

Cedar Fair Stock Performance

FUN traded down $3.00 on Friday, reaching $44.04. 1,635,383 shares of the company’s stock were exchanged, compared to its average volume of 1,828,451. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 18.12 and a beta of 1.54. Cedar Fair has a twelve month low of $34.04 and a twelve month high of $58.70. The company’s 50 day moving average is $49.09 and its 200-day moving average is $43.88.

Cedar Fair (NYSE:FUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.40) by ($0.07). Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. The business had revenue of $101.62 million during the quarter, compared to analyst estimates of $91.97 million. Sell-side analysts forecast that Cedar Fair will post 3.63 EPS for the current year.

Cedar Fair Dividend Announcement

The firm also recently disclosed a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were given a dividend of $1.53 per share. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s dividend payout ratio is presently 49.38%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC lifted its holdings in Cedar Fair by 4.6% in the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock worth $1,022,000 after purchasing an additional 826 shares during the period. Ameritas Advisory Services LLC lifted its stake in shares of Cedar Fair by 31.1% in the 2nd quarter. Ameritas Advisory Services LLC now owns 11,815 shares of the company’s stock worth $642,000 after acquiring an additional 2,804 shares during the period. Brookstone Capital Management bought a new position in shares of Cedar Fair in the second quarter valued at approximately $215,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Cedar Fair by 26.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after acquiring an additional 1,620 shares during the period. Finally, Thrive Wealth Management LLC bought a new stake in Cedar Fair during the second quarter worth approximately $252,000. Institutional investors own 64.65% of the company’s stock.

Cedar Fair Company Profile

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.