Cedar Fair (NYSE:FUN) Sees Strong Trading Volume After Analyst Upgrade

Cedar Fair, L.P. (NYSE:FUN) saw an uptick in trading volume on Wednesday after Oppenheimer raised their price target on the stock from $49.00 to $67.00. Oppenheimer currently has an outperform rating on the stock. 367,645 shares changed hands during mid-day trading, a decline of 9% from the previous session’s volume of 403,620 shares.The stock last traded at $55.40 and had previously closed at $54.89.

Several other research analysts also recently weighed in on the company. StockNews.com began coverage on Cedar Fair in a research note on Tuesday. They set a “hold” rating on the stock. Truist Financial boosted their target price on Cedar Fair from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. B. Riley boosted their target price on Cedar Fair from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Morgan Stanley boosted their target price on Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Mizuho dropped their target price on Cedar Fair from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.90.

Hedge Funds Weigh In On Cedar Fair

Several institutional investors and hedge funds have recently modified their holdings of the stock. Aurora Investment Counsel lifted its holdings in shares of Cedar Fair by 1.7% in the 1st quarter. Aurora Investment Counsel now owns 15,077 shares of the company’s stock valued at $632,000 after buying an additional 253 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after buying an additional 300 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Cedar Fair by 201.4% in 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. Cetera Advisors LLC lifted its holdings in shares of Cedar Fair by 10.9% in the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock valued at $288,000 after buying an additional 675 shares during the period. Finally, Sound Income Strategies LLC lifted its holdings in shares of Cedar Fair by 44.4% in 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. Institutional investors and hedge funds own 64.65% of the company’s stock.

Cedar Fair Trading Up 1.3 %

The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 22.56 and a beta of 1.53. The company has a fifty day moving average price of $44.75 and a 200-day moving average price of $41.91.

Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The business had revenue of $101.62 million during the quarter, compared to analyst estimates of $91.97 million. Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. As a group, research analysts forecast that Cedar Fair, L.P. will post 3.47 earnings per share for the current fiscal year.

Cedar Fair Announces Dividend

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

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.