Cedar Fair (NYSE:FUN) Price Target Cut to $45.00

Cedar Fair (NYSE:FUN) had its price objective cut by Truist Financial from $48.00 to $45.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on FUN. StockNews.com assumed coverage on shares of Cedar Fair in a research note on Monday, April 29th. They issued a buy rating for the company. Oppenheimer assumed coverage on shares of Cedar Fair in a research note on Thursday, February 8th. They set an outperform rating and a $49.00 target price for the company. Mizuho assumed coverage on shares of Cedar Fair in a research note on Tuesday, March 26th. They set a buy rating and a $56.00 target price for the company. KeyCorp upped their target price on shares of Cedar Fair from $49.00 to $52.00 and gave the company an overweight rating in a research note on Friday, February 16th. Finally, B. Riley reiterated a buy rating and set a $52.00 target price (up from $50.00) on shares of Cedar Fair in a research note on Friday, February 16th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cedar Fair presently has a consensus rating of Buy and an average target price of $50.00.

Cedar Fair Trading Up 2.4 %

Shares of Cedar Fair stock opened at $40.39 on Friday. The firm has a fifty day simple moving average of $40.70 and a 200-day simple moving average of $39.56. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $45.39. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 16.49 and a beta of 1.42.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings data on Thursday, February 15th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Cedar Fair had a negative return on equity of 21.06% and a net margin of 6.96%. The firm had revenue of $371.12 million during the quarter, compared to analyst estimates of $365.13 million. As a group, research analysts predict that Cedar Fair will post 3.23 earnings per share for the current year.

Cedar Fair Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Tuesday, March 5th. Cedar Fair’s dividend payout ratio is 48.98%.

Hedge Funds Weigh In On Cedar Fair

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its stake in shares of Cedar Fair by 201.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock valued at $33,000 after buying an additional 562 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of Cedar Fair by 44.4% in the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after purchasing an additional 852 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after purchasing an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. bought a new stake in shares of Cedar Fair in the 1st quarter worth about $257,000. Finally, Saxon Interests Inc. bought a new stake in shares of Cedar Fair in the 4th quarter worth about $308,000. Institutional investors and hedge funds 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.