Wells Fargo & Company MN lifted its stake in shares of Cedar Fair, L.P. (NYSE:FUN) by 4.5% in the second quarter, Holdings Channel reports. The institutional investor owned 209,453 shares of the company’s stock after buying an additional 8,974 shares during the quarter. Wells Fargo & Company MN’s holdings in Cedar Fair were worth $9,989,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the company. MARSHALL WACE ASIA Ltd grew its position in shares of Cedar Fair by 42.9% during the first quarter. MARSHALL WACE ASIA Ltd now owns 684,943 shares of the company’s stock worth $36,042,000 after buying an additional 205,534 shares in the last quarter. Overbrook Management Corp boosted its holdings in Cedar Fair by 2.0% in the first quarter. Overbrook Management Corp now owns 347,077 shares of the company’s stock worth $18,263,000 after purchasing an additional 6,700 shares during the period. State of Wisconsin Investment Board lifted its stake in Cedar Fair by 32.0% in the first quarter. State of Wisconsin Investment Board now owns 211,150 shares of the company’s stock valued at $11,111,000 after buying an additional 51,150 shares during the last quarter. Raymond James & Associates lifted its stake in Cedar Fair by 2.4% in the first quarter. Raymond James & Associates now owns 153,423 shares of the company’s stock valued at $8,073,000 after buying an additional 3,586 shares during the last quarter. Finally, Pwmco LLC raised its stake in shares of Cedar Fair by 4.7% during the second quarter. Pwmco LLC now owns 134,817 shares of the company’s stock valued at $6,429,000 after purchasing an additional 6,100 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on FUN shares. KeyCorp dropped their price target on Cedar Fair from $70.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. ValuEngine raised Cedar Fair from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Zacks Investment Research upgraded Cedar Fair from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a report on Tuesday. SunTrust Banks upgraded Cedar Fair from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Thursday, August 22nd. Finally, Wedbush reiterated an “outperform” rating on shares of Cedar Fair in a report on Thursday, September 5th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Cedar Fair presently has a consensus rating of “Buy” and an average target price of $63.50.
Shares of FUN traded up $0.42 on Thursday, reaching $55.38. 695 shares of the stock traded hands, compared to its average volume of 249,482. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 18.28, a P/E/G ratio of 2.41 and a beta of 0.50. The company has a debt-to-equity ratio of 51.13, a current ratio of 1.39 and a quick ratio of 1.26. Cedar Fair, L.P. has a 12 month low of $45.58 and a 12 month high of $57.98. The stock’s 50-day moving average price is $53.32 and its 200-day moving average price is $52.17.
Cedar Fair (NYSE:FUN) last released its quarterly earnings data on Wednesday, August 7th. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.25. The business had revenue of $436.19 million for the quarter, compared to analysts’ expectations of $410.86 million. Cedar Fair had a negative return on equity of 939.99% and a net margin of 12.03%. Cedar Fair’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 earnings per share. As a group, equities research analysts forecast that Cedar Fair, L.P. will post 3.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Wednesday, September 4th will be given a $0.925 dividend. This represents a $3.70 dividend on an annualized basis and a yield of 6.68%. The ex-dividend date is Tuesday, September 3rd. Cedar Fair’s dividend payout ratio (DPR) is 122.52%.
Cedar Fair Company Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. 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, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.
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