Keybank National Association OH boosted its holdings in Cedar Fair, L.P. (NYSE:FUN) by 5.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 112,644 shares of the company’s stock after purchasing an additional 6,000 shares during the quarter. Keybank National Association OH owned approximately 0.20% of Cedar Fair worth $5,372,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Capital Investment Advisory Services LLC grew its position in shares of Cedar Fair by 66.7% in the first quarter. Capital Investment Advisory Services LLC now owns 500 shares of the company’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Personal Wealth Partners acquired a new stake in Cedar Fair during the second quarter valued at approximately $27,000. Coastal Capital Group Inc. acquired a new stake in Cedar Fair during the second quarter valued at approximately $31,000. Synovus Financial Corp acquired a new stake in Cedar Fair during the first quarter valued at approximately $32,000. Finally, Trustcore Financial Services LLC acquired a new stake in Cedar Fair during the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 51.60% of the company’s stock.
Shares of NYSE:FUN traded up $0.98 during trading on Thursday, reaching $52.07. The stock had a trading volume of 3,344 shares, compared to its average volume of 313,754. Cedar Fair, L.P. has a 52 week low of $45.58 and a 52 week high of $56.58. The firm has a 50-day simple moving average of $49.85. The company has a debt-to-equity ratio of 51.13, a current ratio of 0.63 and a quick ratio of 0.49. The company has a market cap of $2.94 billion, a PE ratio of 17.25, a PEG ratio of 2.22 and a beta of 0.51.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Wednesday, September 4th will be paid a $0.925 dividend. This represents a $3.70 dividend on an annualized basis and a dividend yield of 7.11%. The ex-dividend date of this dividend is Tuesday, September 3rd. Cedar Fair’s dividend payout ratio (DPR) is currently 122.52%.
A number of research firms have weighed in on FUN. B. Riley set a $60.00 price objective on Cedar Fair and gave the company a “buy” rating in a report on Thursday, June 13th. Zacks Investment Research raised Cedar Fair from a “sell” rating to a “hold” rating in a report on Thursday, July 25th. Finally, ValuEngine raised Cedar Fair from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Cedar Fair currently has a consensus rating of “Buy” and an average target price of $57.75.
Cedar Fair Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. 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, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.
Further Reading: What is the Quick Ratio?
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