B. Riley Weighs in on Cedar Fair, L.P.’s FY2024 Earnings (NYSE:FUN)

Cedar Fair, L.P. (NYSE:FUN) – Equities research analysts at B. Riley cut their FY2024 earnings estimates for shares of Cedar Fair in a research report issued to clients and investors on Thursday, April 18th. B. Riley analyst E. Wold now anticipates that the company will post earnings per share of $2.74 for the year, down from their prior forecast of $2.81. B. Riley has a “Buy” rating and a $52.00 price objective on the stock. The consensus estimate for Cedar Fair’s current full-year earnings is $3.28 per share. B. Riley also issued estimates for Cedar Fair’s FY2025 earnings at $3.71 EPS.

A number of other research analysts also recently commented on FUN. KeyCorp increased their target price on Cedar Fair from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Truist Financial increased their target price on Cedar Fair from $46.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Stifel Nicolaus increased their target price on Cedar Fair from $49.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Oppenheimer initiated coverage on Cedar Fair in a research report on Thursday, February 8th. They set an “outperform” rating and a $49.00 target price for the company. Finally, Mizuho initiated coverage on Cedar Fair in a research report on Tuesday, March 26th. They set a “buy” rating and a $56.00 target price for the company. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cedar Fair has an average rating of “Buy” and a consensus price target of $50.30.

Cedar Fair Price Performance

Shares of FUN opened at $38.55 on Friday. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $45.39. The company has a 50 day simple moving average of $41.31 and a two-hundred day simple moving average of $39.31. The firm has a market cap of $1.97 billion, a P/E ratio of 15.73 and a beta of 1.41.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Cedar Fair had a net margin of 6.96% and a negative return on equity of 21.06%. The company had revenue of $371.12 million for the quarter, compared to analysts’ expectations of $365.13 million.

Cedar Fair Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.20 dividend on an annualized basis and a yield of 3.11%. Cedar Fair’s dividend payout ratio is presently 48.98%.

Institutional Trading of Cedar Fair

A number of institutional investors have recently bought and sold shares of FUN. PenderFund Capital Management Ltd. bought a new stake in shares of Cedar Fair during the first quarter worth $41,000. Money Concepts Capital Corp bought a new stake in shares of Cedar Fair during the fourth quarter worth $26,000. Tower Research Capital LLC TRC lifted its position in shares of Cedar Fair by 355.3% during the first quarter. Tower Research Capital LLC TRC now owns 815 shares of the company’s stock worth $38,000 after purchasing an additional 636 shares during the last quarter. Ancora Advisors LLC lifted its position in shares of Cedar Fair by 34.6% during the first quarter. Ancora Advisors LLC now owns 2,139 shares of the company’s stock worth $106,000 after purchasing an additional 550 shares during the last quarter. Finally, BNP Paribas Arbitrage SNC lifted its position in shares of Cedar Fair by 33.9% during the third quarter. BNP Paribas Arbitrage SNC now owns 2,685 shares of the company’s stock worth $110,000 after purchasing an additional 680 shares during the last quarter. 64.65% of the stock is currently owned by institutional investors.

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.