Morgan Stanley Raises Cedar Fair (NYSE:FUN) Price Target to $65.00

Cedar Fair (NYSE:FUN) had its price target boosted by Morgan Stanley from $55.00 to $65.00 in a research report released on Monday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

FUN has been the subject of several other research reports. Mizuho reduced their price objective on shares of Cedar Fair from $56.00 to $55.00 and set a buy rating for the company in a research report on Wednesday, May 15th. StockNews.com started coverage on shares of Cedar Fair in a research note on Monday, June 24th. They set a buy rating for the company. B. Riley upped their price objective on shares of Cedar Fair from $52.00 to $59.00 and gave the company a buy rating in a research note on Wednesday, June 12th. Finally, Truist Financial upped their price objective 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. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cedar Fair has an average rating of Moderate Buy and a consensus target price of $53.90.

Cedar Fair Trading Up 3.1 %

NYSE:FUN opened at $56.58 on Monday. Cedar Fair has a twelve month low of $34.04 and a twelve month high of $57.00. The company has a 50-day moving average of $45.12 and a 200-day moving average of $42.02. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 23.28 and a beta of 1.53.

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

Cedar Fair Dividend Announcement

The business also recently declared a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were given a $1.53 dividend. The ex-dividend date was Friday, June 28th. Cedar Fair’s dividend payout ratio (DPR) is 49.38%.

Institutional Trading of Cedar Fair

A number of hedge funds have recently made changes to their positions in FUN. Goldman Sachs Group Inc. raised its position in Cedar Fair by 15.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after acquiring an additional 539,352 shares in the last quarter. UBS Group AG raised its position in Cedar Fair by 313.7% during the fourth quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after acquiring an additional 2,310,565 shares in the last quarter. JPMorgan Chase & Co. raised its position in Cedar Fair by 50.5% during 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 in the last quarter. Aurora Investment Counsel bought a new position in Cedar Fair during the third quarter valued at approximately $2,142,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Cedar Fair during the fourth quarter valued at approximately $463,000. 64.65% of the stock is owned by hedge funds and other 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.