Cedar Fair (NYSE:FUN) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a report published on Saturday morning. The firm issued a hold rating on the stock.

Other equities analysts also recently issued reports about the stock. Macquarie initiated coverage on shares of Cedar Fair in a research report on Thursday, July 18th. They set an outperform rating and a $64.00 price target for the company. Truist Financial assumed coverage on shares of Cedar Fair in a research report on Tuesday, July 9th. They set a buy rating and a $62.00 target price for the company. Oppenheimer lifted their price target on shares of Cedar Fair from $49.00 to $67.00 and gave the stock an outperform rating in a report on Tuesday, July 2nd. The Goldman Sachs Group reaffirmed a neutral rating and set a $63.00 price target on shares of Cedar Fair in a research report on Wednesday, July 10th. Finally, Morgan Stanley raised their price objective on Cedar Fair from $55.00 to $65.00 and gave the stock an overweight rating in a research report on Monday, July 1st. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $60.10.

Cedar Fair Stock Performance

Cedar Fair stock traded down $3.00 during midday trading on Friday, hitting $44.04. 1,635,383 shares of the company’s stock were exchanged, compared to its average volume of 1,828,451. The company has a market cap of $2.26 billion, a PE ratio of 18.12 and a beta of 1.54. The firm has a 50-day moving average of $49.09 and a two-hundred day moving average of $43.88. Cedar Fair has a 12 month low of $34.04 and a 12 month high of $58.70.

Cedar Fair (NYSE:FUN) last announced its 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). The company had revenue of $101.62 million for the quarter, compared to the consensus estimate of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. As a group, equities analysts expect that Cedar Fair will post 3.63 earnings per share for the current 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 paid a $1.53 dividend. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s dividend payout ratio is presently 49.38%.

Institutional Trading of Cedar Fair

A number of institutional investors and hedge funds have recently made changes to their positions in FUN. Commonwealth Equity Services LLC grew its stake in Cedar Fair by 4.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock valued at $1,022,000 after acquiring an additional 826 shares during the period. Ameritas Advisory Services LLC grew its position in shares of Cedar Fair by 31.1% in the second quarter. Ameritas Advisory Services LLC now owns 11,815 shares of the company’s stock valued at $642,000 after purchasing an additional 2,804 shares during the period. Brookstone Capital Management purchased a new stake in shares of Cedar Fair during the second quarter worth about $215,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Cedar Fair by 26.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock worth $418,000 after purchasing an additional 1,620 shares during the last quarter. Finally, Thrive Wealth Management LLC acquired a new position in shares of Cedar Fair during the 2nd quarter worth about $252,000. 64.65% of the stock is currently owned by hedge funds and other institutional investors.

About Cedar Fair

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.