Trade Report: Today, Cedar Fair, L.P. (FUN) Receives $66.67 Consensus PT from Brokerages

Today, Cedar Fair, L.P. (FUN) Receives $66.67 Consensus PT from Brokerages

Shares of Cedar Fair, L.P. (NYSE:FUN) have been assigned an average rating of “Buy” from the nine research firms that are covering the company. Three research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $66.67.

FUN has been the subject of several analyst reports. Wedbush downgraded shares of Cedar Fair, L.P. from an “outperform” rating to a “neutral” rating in a report on Friday, September 23rd. Credit Suisse Group AG set a $67.00 price objective on shares of Cedar Fair, L.P. and gave the company a “buy” rating in a research report on Monday, September 12th. Janney Montgomery Scott restated a “buy” rating and set a $68.00 price objective on shares of Cedar Fair, L.P. in a research report on Thursday, September 1st. Zacks Investment Research upgraded shares of Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday, November 15th. Finally, FBR & Co restated a “buy” rating on shares of Cedar Fair, L.P. in a research report on Thursday, September 8th.

Cedar Fair, L.P. (NYSE:FUN) opened at 59.95 on Monday. Cedar Fair, L.P. has a one year low of $48.46 and a one year high of $63.40. The stock’s 50 day moving average is $58.50 and its 200 day moving average is $58.85. The firm has a market capitalization of $3.37 billion, a P/E ratio of 21.40 and a beta of 0.72.

Cedar Fair, L.P. (NYSE:FUN) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $3.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.54 by $0.44. The business had revenue of $650.30 million for the quarter, compared to analysts’ expectations of $30 million. During the same period last year, the firm posted $2.92 earnings per share. Cedar Fair, L.P.’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts predict that Cedar Fair, L.P. will post $3.46 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Monday, December 5th will be given a $0.855 dividend. This represents a $3.42 dividend on an annualized basis and a yield of 5.70%. The ex-dividend date is Thursday, December 1st. This is a boost from Cedar Fair, L.P.’s previous quarterly dividend of $0.83.

In related news, CAO David R. Hoffman sold 7,043 shares of Cedar Fair, L.P. stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $60.63, for a total value of $427,017.09. Following the transaction, the chief accounting officer now owns 36,611 shares in the company, valued at approximately $2,219,724.93. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Milkie Duffield sold 6,374 shares of Cedar Fair, L.P. stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $60.84, for a total transaction of $387,794.16. Following the completion of the transaction, the vice president now owns 56,550 shares in the company, valued at approximately $3,440,502. The disclosure for this sale can be found here.

A number of institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its position in shares of Cedar Fair, L.P. by 38.7% in the first quarter. Renaissance Technologies LLC now owns 303,150 shares of the company’s stock worth $18,022,000 after buying an additional 84,600 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Cedar Fair, L.P. by 5.1% in the first quarter. Royal Bank of Canada now owns 921,305 shares of the company’s stock worth $54,773,000 after buying an additional 44,427 shares during the last quarter. First Republic Investment Management Inc. boosted its position in shares of Cedar Fair, L.P. by 31.4% in the first quarter. First Republic Investment Management Inc. now owns 9,461 shares of the company’s stock worth $562,000 after buying an additional 2,260 shares during the last quarter. Naples Global Advisors LLC boosted its position in shares of Cedar Fair, L.P. by 50.5% in the second quarter. Naples Global Advisors LLC now owns 14,105 shares of the company’s stock worth $816,000 after buying an additional 4,730 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Cedar Fair, L.P. during the second quarter worth approximately $3,232,000.

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