Cedar Fair (NYSE:FUN) Given New $55.00 Price Target at Macquarie

Cedar Fair (NYSE:FUN) had its price objective reduced by Macquarie from $60.00 to $55.00 in a research note released on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on the company. StockNews.com began coverage on Cedar Fair in a report on Wednesday, September 4th. They issued a “hold” rating for the company. Truist Financial lowered their target price on shares of Cedar Fair from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 9th. The Goldman Sachs Group reduced their price target on shares of Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a report on Friday, October 4th. Finally, B. Riley dropped their price objective on shares of Cedar Fair from $77.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.42.

Cedar Fair Price Performance

NYSE FUN opened at $40.03 on Friday. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 16.47 and a beta of 1.55. Cedar Fair has a 12 month low of $34.04 and a 12 month high of $58.70. The company’s fifty day moving average price is $41.28 and its two-hundred day moving average price is $44.01.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.06 by $0.02. The business had revenue of $571.62 million for the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. As a group, analysts anticipate that Cedar Fair will post 2.08 EPS for the current year.

Institutional Investors Weigh In On Cedar Fair

Hedge funds have recently made changes to their positions in the business. CWM LLC grew its holdings in Cedar Fair by 932.0% in the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after buying an additional 1,864 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Cedar Fair by 10.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after acquiring an additional 300 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Cedar Fair by 94.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock worth $157,000 after acquiring an additional 1,400 shares during the period. Brookstone Capital Management bought a new position in shares of Cedar Fair in the second quarter worth $215,000. Finally, Thrive Wealth Management LLC acquired a new position in shares of Cedar Fair during the second quarter valued at $252,000. Institutional investors own 64.65% of the company’s stock.

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.