UBS Group AG Raises Stake in Cedar Fair, L.P. (NYSE:FUN)

UBS Group AG lifted its position in shares of Cedar Fair, L.P. (NYSE:FUN) by 313.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,047,096 shares of the company’s stock after buying an additional 2,310,565 shares during the period. UBS Group AG owned 5.97% of Cedar Fair worth $121,274,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FUN. Sound Income Strategies LLC grew its holdings in Cedar Fair by 44.4% in the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock valued at $110,000 after buying an additional 852 shares during the period. Saxon Interests Inc. purchased a new stake in Cedar Fair in the fourth quarter valued at approximately $308,000. Carnegie Capital Asset Management LLC increased its position in Cedar Fair by 10.9% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company’s stock worth $420,000 after purchasing an additional 1,033 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Cedar Fair during the fourth quarter worth approximately $463,000. Finally, Sargent Investment Group LLC boosted its holdings in shares of Cedar Fair by 8.9% in the 3rd quarter. Sargent Investment Group LLC now owns 12,835 shares of the company’s stock valued at $475,000 after purchasing an additional 1,045 shares during the last quarter. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Cedar Fair Stock Up 1.8 %

FUN opened at $44.28 on Wednesday. The firm has a market capitalization of $2.27 billion, a P/E ratio of 18.22 and a beta of 1.42. The firm’s 50 day moving average is $41.02 and its 200-day moving average is $40.15. Cedar Fair, L.P. has a 52-week low of $34.04 and a 52-week high of $45.76.

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

Cedar Fair Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Wednesday, June 5th. Cedar Fair’s dividend payout ratio is currently 49.38%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. StockNews.com began coverage on Cedar Fair in a research report on Wednesday, May 15th. They issued a “buy” rating on the stock. Oppenheimer began coverage on Cedar Fair in a report on Thursday, February 8th. They issued an “outperform” rating and a $49.00 price objective on the stock. KeyCorp boosted their target price on Cedar Fair from $49.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Stifel Nicolaus raised their price target on shares of Cedar Fair from $49.00 to $52.00 and gave the company a “buy” rating in a report on Friday, February 16th. Finally, B. Riley reaffirmed a “buy” rating and set a $52.00 price target (up from $50.00) on shares of Cedar Fair in a research report on Friday, February 16th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, Cedar Fair has a consensus rating of “Buy” and a consensus target price of $50.40.

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.