Cedar Fair (FUN) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Cedar Fair (NYSE:FUN) from a sell rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “

A number of other equities research analysts have also weighed in on FUN. Goldman Sachs Group lowered shares of Cedar Fair from a conviction-buy rating to a buy rating and set a $75.00 price objective for the company. in a report on Wednesday, October 4th. KeyCorp restated a buy rating and issued a $74.00 price objective on shares of Cedar Fair in a report on Tuesday, October 24th. Finally, B. Riley restated a buy rating on shares of Cedar Fair in a report on Friday, November 3rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Cedar Fair has an average rating of Buy and a consensus price target of $74.38.

Shares of Cedar Fair (NYSE FUN) traded up $0.13 on Tuesday, hitting $64.50. 145,249 shares of the stock were exchanged, compared to its average volume of 94,868. The company has a market cap of $3,620.04, a price-to-earnings ratio of 24.34, a price-to-earnings-growth ratio of 3.21 and a beta of 0.53. The company has a current ratio of 1.18, a quick ratio of 1.06 and a debt-to-equity ratio of 22.05. Cedar Fair has a 1 year low of $59.66 and a 1 year high of $72.56.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $3.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.56 by ($0.18). The business had revenue of $652.69 million during the quarter, compared to the consensus estimate of $652.98 million. Cedar Fair had a return on equity of 2,430.22% and a net margin of 11.75%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.10 earnings per share. equities research analysts forecast that Cedar Fair will post 3 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Monday, December 4th were issued a dividend of $0.89 per share. This is a positive change from Cedar Fair’s previous quarterly dividend of $0.86. This represents a $3.56 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date of this dividend was Friday, December 1st. Cedar Fair’s dividend payout ratio is currently 134.34%.

In related news, CEO Matthew A. Ouimet sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $66.40, for a total transaction of $265,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew A. Ouimet sold 6,000 shares of the company’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $67.91, for a total transaction of $407,460.00. Following the sale, the chief executive officer now owns 215,353 shares of the company’s stock, valued at $14,624,622.23. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. FMR LLC raised its holdings in Cedar Fair by 42.9% during the 2nd quarter. FMR LLC now owns 4,061,429 shares of the company’s stock valued at $292,829,000 after buying an additional 1,220,099 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Cedar Fair by 3.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,090,937 shares of the company’s stock valued at $134,071,000 after buying an additional 66,239 shares during the last quarter. Royal Bank of Canada raised its holdings in Cedar Fair by 3.5% during the 2nd quarter. Royal Bank of Canada now owns 1,004,551 shares of the company’s stock valued at $72,427,000 after buying an additional 34,144 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Cedar Fair by 12.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 486,339 shares of the company’s stock valued at $35,065,000 after purchasing an additional 52,085 shares during the period. Finally, Overbrook Management Corp increased its position in Cedar Fair by 6.6% during the 2nd quarter. Overbrook Management Corp now owns 476,993 shares of the company’s stock valued at $34,391,000 after purchasing an additional 29,606 shares during the period. Institutional investors own 49.90% of the company’s stock.

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About Cedar Fair

Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.

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