Cedar Fair (NYSE:FUN) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a research note issued to investors on Wednesday morning. The brokerage issued a buy rating on the stock.

Several other research analysts have also issued reports on FUN. B. Riley restated a buy rating and issued a $52.00 price target (up from $50.00) on shares of Cedar Fair in a research report on Friday, February 16th. Stifel Nicolaus raised their price target on Cedar Fair from $49.00 to $52.00 and gave the stock a buy rating in a research report on Friday, February 16th. KeyCorp raised their price target on Cedar Fair from $49.00 to $52.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Mizuho started coverage on Cedar Fair in a research report on Tuesday, March 26th. They issued a buy rating and a $56.00 price target on the stock. Finally, Truist Financial lifted their target price on Cedar Fair from $45.00 to $50.00 and gave the stock a buy rating in a report on Friday, May 10th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus target price of $50.40.

Cedar Fair Stock Performance

NYSE FUN opened at $43.11 on Wednesday. The stock has a fifty day moving average of $40.97 and a 200-day moving average of $40.02. The stock has a market capitalization of $2.21 billion, a P/E ratio of 17.74 and a beta of 1.42. Cedar Fair has a 52 week low of $34.04 and a 52 week high of $45.76.

Cedar Fair (NYSE:FUN) last released its earnings results on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing the consensus estimate of ($2.40) by ($0.07). The firm had revenue of $101.62 million during the quarter, compared to analyst estimates of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. Equities research analysts forecast that Cedar Fair will post 3.47 earnings per share for the current fiscal year.

Cedar Fair Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. Cedar Fair’s dividend payout ratio (DPR) is 49.38%.

Institutional Trading of Cedar Fair

A number of institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Cedar Fair by 15.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after purchasing an additional 539,352 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Cedar Fair by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock valued at $124,718,000 after acquiring an additional 1,130,439 shares during the last quarter. UBS Group AG grew its stake in Cedar Fair by 313.7% in the fourth quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after purchasing an additional 2,310,565 shares in the last quarter. Barclays PLC grew its position in shares of Cedar Fair by 67.6% in the 3rd quarter. Barclays PLC now owns 2,305,406 shares of the company’s stock valued at $85,300,000 after acquiring an additional 930,021 shares during the period. Finally, Nomura Holdings Inc. bought a new position in shares of Cedar Fair in the 3rd quarter valued at about $25,215,000. 64.65% of the stock is currently owned by institutional investors.

Cedar Fair Company Profile

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.