Cedar Fair, L.P. (NYSE:FUN) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Cedar Fair, L.P. (NYSE:FUN) have been given an average rating of “Moderate Buy” by the ten ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $60.10.

A number of equities research analysts have recently weighed in on FUN shares. Oppenheimer lifted their price objective on Cedar Fair from $49.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. Truist Financial started coverage on Cedar Fair in a research report on Tuesday, July 9th. They issued a “buy” rating and a $62.00 price objective on the stock. StockNews.com started coverage on Cedar Fair in a research report on Saturday. They issued a “hold” rating on the stock. Macquarie initiated coverage on Cedar Fair in a research report on Thursday, July 18th. They issued an “outperform” rating and a $64.00 price objective on the stock. Finally, B. Riley raised their target price on Cedar Fair from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FUN. Sequoia Financial Advisors LLC purchased a new position in shares of Cedar Fair in the fourth quarter worth $463,000. Carnegie Capital Asset Management LLC grew its holdings in shares of Cedar Fair by 10.9% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company’s stock worth $420,000 after acquiring an additional 1,033 shares during the period. Kestra Private Wealth Services LLC bought a new stake in shares of Cedar Fair in the fourth quarter worth $1,834,000. Jump Financial LLC bought a new stake in shares of Cedar Fair in the fourth quarter worth $617,000. Finally, Brown Advisory Inc. grew its holdings in shares of Cedar Fair by 1.1% in the fourth quarter. Brown Advisory Inc. now owns 94,486 shares of the company’s stock worth $3,761,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Cedar Fair Price Performance

FUN opened at $44.04 on Friday. The stock’s 50 day simple moving average is $49.09 and its 200 day simple moving average is $43.88. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $58.70. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 18.12 and a beta of 1.54.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings results 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 company had revenue of $101.62 million for the quarter, compared to the consensus estimate of $91.97 million. As a group, sell-side analysts anticipate that Cedar Fair will post 3.63 EPS for the current year.

Cedar Fair Dividend Announcement

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