North Star Investment Management Corp. acquired a new position in Cedar Fair, L.P. (NYSE:FUN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,200 shares of the company’s stock, valued at approximately $595,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Optimum Investment Advisors boosted its holdings in shares of Cedar Fair by 10.8% in the 2nd quarter. Optimum Investment Advisors now owns 2,049 shares of the company’s stock worth $98,000 after purchasing an additional 200 shares in the last quarter. Aurora Investment Counsel boosted its holdings in shares of Cedar Fair by 0.9% in the 2nd quarter. Aurora Investment Counsel now owns 45,639 shares of the company’s stock worth $2,303,000 after purchasing an additional 410 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Cedar Fair by 2.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 19,903 shares of the company’s stock worth $1,047,000 after purchasing an additional 505 shares in the last quarter. Parallax Volatility Advisers L.P. purchased a new position in shares of Cedar Fair in the 2nd quarter worth about $25,000. Finally, Creative Planning boosted its holdings in shares of Cedar Fair by 9.4% in the 2nd quarter. Creative Planning now owns 6,521 shares of the company’s stock worth $311,000 after purchasing an additional 558 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.
A number of research firms have recently issued reports on FUN. Wedbush set a $60.00 price objective on Cedar Fair and gave the stock a “buy” rating in a report on Thursday, September 12th. ValuEngine upgraded Cedar Fair from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. TheStreet upgraded Cedar Fair from a “c” rating to a “b-” rating in a report on Thursday, August 29th. KeyCorp dropped their target price on Cedar Fair from $70.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, August 19th. Finally, Zacks Investment Research upgraded Cedar Fair from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $62.80.
Cedar Fair (NYSE:FUN) last issued its earnings results on Wednesday, August 7th. The company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.25. The company had revenue of $436.19 million during the quarter, compared to analysts’ expectations of $410.86 million. Cedar Fair had a negative return on equity of 939.99% and a net margin of 12.03%. Cedar Fair’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.34 EPS. As a group, equities analysts predict that Cedar Fair, L.P. will post 3.4 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.925 per share. This represents a $3.70 dividend on an annualized basis and a yield of 6.34%. The ex-dividend date of this dividend was Tuesday, September 3rd. Cedar Fair’s payout ratio is 122.52%.
About Cedar Fair
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.
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