Cedar Fair (NYSE:FUN) Price Target Cut to $60.00 by Analysts at Truist Financial

Cedar Fair (NYSE:FUN) had its target price reduced by Truist Financial from $62.00 to $60.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

FUN has been the topic of several other reports. Stifel Nicolaus cut their price target on shares of Cedar Fair from $68.00 to $60.00 and set a buy rating on the stock in a report on Friday. Oppenheimer upped their target price on shares of Cedar Fair from $49.00 to $67.00 and gave the company an outperform rating in a research note on Tuesday, July 2nd. StockNews.com assumed coverage on Cedar Fair in a research note on Saturday, August 3rd. They issued a hold rating for the company. JPMorgan Chase & Co. initiated coverage on Cedar Fair in a research note on Tuesday, August 6th. They set an underweight rating and a $50.00 price objective on the stock. Finally, B. Riley increased their target price on Cedar Fair from $52.00 to $59.00 and gave the stock a buy rating in a report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $59.55.

Cedar Fair Stock Down 3.2 %

Shares of Cedar Fair stock traded down $1.43 during trading hours on Friday, hitting $43.18. 2,214,917 shares of the company’s stock traded hands, compared to its average volume of 678,215. Cedar Fair has a twelve month low of $34.04 and a twelve month high of $58.70. The stock has a 50 day simple moving average of $49.17 and a 200-day simple moving average of $44.05. The company has a market cap of $2.21 billion, a PE ratio of 17.77 and a beta of 1.54.

Cedar Fair (NYSE:FUN) last announced its earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. The business had revenue of $101.62 million during the quarter, compared to analyst estimates of $91.97 million. As a group, equities research analysts predict that Cedar Fair will post 3.63 EPS for the current year.

Cedar Fair Dividend Announcement

The business also recently declared 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 payout ratio is 49.38%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC increased its position 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 buying an additional 826 shares during the period. Ameritas Advisory Services LLC increased its holdings 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 stake in Cedar Fair in the 2nd quarter valued at about $215,000. Wealth Enhancement Advisory Services LLC boosted its stake in Cedar Fair by 26.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after purchasing an additional 1,620 shares during the period. Finally, Thrive Wealth Management LLC bought a new position in Cedar Fair in the 2nd quarter worth about $252,000. Institutional investors and hedge funds 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.