Brokerages Set Cedar Fair, L.P. (NYSE:FUN) PT at $50.40

Shares of Cedar Fair, L.P. (NYSE:FUN) have earned an average rating of “Buy” from the ten research firms that are currently covering the company, MarketBeat reports. Ten investment analysts have rated the stock with a buy rating. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $51.10.

A number of equities research analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of Cedar Fair from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 10th. KeyCorp upped their price target on shares of Cedar Fair from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. StockNews.com initiated coverage on Cedar Fair in a research note on Saturday, June 8th. They set a “buy” rating for the company. Mizuho reduced their target price on Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. Finally, B. Riley lifted their price target on Cedar Fair from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday.

Cedar Fair Stock Performance

FUN opened at $46.73 on Friday. The company has a fifty day moving average of $41.67 and a two-hundred day moving average of $40.77. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $47.60. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 19.23 and a beta of 1.45.

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

Cedar Fair Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Wednesday, June 5th. Cedar Fair’s payout ratio is currently 49.38%.

Institutional Investors Weigh In On Cedar Fair

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG grew its stake in shares of Cedar Fair by 313.7% in the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after buying an additional 2,310,565 shares during the period. JPMorgan Chase & Co. increased its stake in Cedar Fair by 50.5% during the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock worth $124,718,000 after acquiring an additional 1,130,439 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in Cedar Fair in the third quarter valued at $25,215,000. Goldman Sachs Group Inc. raised its position in 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 during the period. Finally, Impala Asset Management LLC lifted its stake in shares of Cedar Fair by 21.9% in the 3rd quarter. Impala Asset Management LLC now owns 379,040 shares of the company’s stock valued at $14,024,000 after purchasing an additional 68,150 shares during the last quarter. 64.65% of the stock is currently owned by institutional investors and hedge funds.

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.