Cedar Fair, L.P. (NYSE:FUN) Sees Significant Decrease in Short Interest

Cedar Fair, L.P. (NYSE:FUN) was the target of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 10,160,000 shares, a decrease of 5.1% from the September 30th total of 10,710,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the short-interest ratio is currently 6.0 days.

Cedar Fair Price Performance

Shares of NYSE:FUN traded up $0.69 during midday trading on Friday, hitting $40.10. The company had a trading volume of 308,512 shares, compared to its average volume of 936,976. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 15.92 and a beta of 1.55. The company has a fifty day moving average of $40.76 and a two-hundred day moving average of $44.00. Cedar Fair has a 12-month low of $34.53 and a 12-month high of $58.70.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.02. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. The firm had revenue of $571.62 million during the quarter, compared to the consensus estimate of $525.57 million. Research analysts expect that Cedar Fair will post 2.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FUN. Aurora Investment Counsel grew its stake 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. boosted its holdings in shares of Cedar Fair by 10.0% in the fourth 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. S.A. Mason LLC boosted its holdings in shares of Cedar Fair by 63.1% in the third quarter. S.A. Mason LLC now owns 993 shares of the company’s stock valued at $40,000 after acquiring an additional 384 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Cedar Fair by 10.9% during the first quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after buying an additional 675 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in Cedar Fair by 4.6% during the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock worth $1,022,000 after acquiring an additional 826 shares during the last quarter. Institutional investors and hedge funds own 64.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FUN shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Stifel Nicolaus decreased their price objective on shares of Cedar Fair from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 9th. B. Riley cut their target price on shares of Cedar Fair from $77.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 9th. StockNews.com began coverage on shares of Cedar Fair in a report on Wednesday, September 4th. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group decreased their price target on shares of Cedar Fair from $55.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.46.

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.