Cedar Fair, L.P. (NYSE:FUN) to Issue Variable Dividend of $1.53

Cedar Fair, L.P. (NYSE:FUN) declared a Variable dividend on Tuesday, June 18th, Zacks reports. Shareholders of record on Friday, June 28th will be paid a dividend of 1.53 per share on Monday, July 1st. The ex-dividend date of this dividend is Friday, June 28th.

Cedar Fair has raised its dividend payment by an average of 8.7% annually over the last three years. Cedar Fair has a payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cedar Fair to earn $4.01 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 29.9%.

Cedar Fair Stock Up 0.9 %

FUN stock traded up $0.47 during trading on Thursday, reaching $51.44. 23,203 shares of the company’s stock were exchanged, compared to its average volume of 224,487. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $52.53. The company’s fifty day moving average price is $43.52 and its 200-day moving average price is $41.48. The firm has a market cap of $2.64 billion, a PE ratio of 20.95 and a beta of 1.45.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $101.62 million during the quarter, compared to the consensus estimate of $91.97 million. As a group, sell-side analysts expect that Cedar Fair will post 3.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FUN has been the topic of a number of research reports. Truist Financial boosted their price objective on Cedar Fair from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. StockNews.com initiated coverage on Cedar Fair in a research note on Monday. They issued a “buy” rating on the stock. Mizuho dropped their price objective 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. Finally, B. Riley boosted their price objective on Cedar Fair from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $51.10.

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.