Cedar Fair, L.P. (NYSE:FUN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Cedar Fair, L.P. (NYSE:FUN) have earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $57.33.

A number of research analysts recently issued reports on FUN shares. The Goldman Sachs Group decreased their price objective on shares of Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Citigroup cut their target price on shares of Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. cut their target price on shares of Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a research report on Monday, September 16th. B. Riley cut their target price on shares of Cedar Fair from $77.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Truist Financial cut their target price on shares of Cedar Fair from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.

Cedar Fair Price Performance

Shares of NYSE:FUN opened at $39.17 on Friday. The company’s 50 day simple moving average is $41.51 and its 200 day simple moving average is $44.04. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 16.12 and a beta of 1.55. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $58.70.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. The business had revenue of $571.62 million for the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. As a group, analysts anticipate that Cedar Fair will post 2.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Cedar Fair

A number of hedge funds have recently modified their holdings of FUN. CWM LLC lifted its holdings in shares of Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after purchasing an additional 1,864 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Cedar Fair by 10.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after buying an additional 300 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in Cedar Fair by 94.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after buying an additional 1,400 shares during the period. Brookstone Capital Management acquired a new position in Cedar Fair in the second quarter valued at $215,000. Finally, Thrive Wealth Management LLC acquired a new position in Cedar Fair in the second quarter valued at $252,000. Institutional investors and hedge funds own 64.65% of the company’s stock.

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.