Cedar Fair, L.P. (NYSE:FUN) – Stock analysts at SunTrust Banks boosted their FY2019 earnings estimates for Cedar Fair in a research note issued to investors on Thursday, August 22nd, according to Zacks Investment Research. SunTrust Banks analyst M. Swartz now expects that the company will earn $3.31 per share for the year, up from their prior estimate of $3.30. SunTrust Banks currently has a “Buy” rating and a $64.00 target price on the stock. SunTrust Banks also issued estimates for Cedar Fair’s Q4 2019 earnings at $0.20 EPS, Q2 2020 earnings at $1.16 EPS, Q3 2020 earnings at $3.66 EPS, Q4 2020 earnings at $0.27 EPS, FY2020 earnings at $3.44 EPS and FY2021 earnings at $3.70 EPS.
Other equities research analysts have also recently issued reports about the company. ValuEngine cut Cedar Fair from a “hold” rating to a “sell” rating in a research note on Saturday. Wedbush set a $60.00 price objective on Cedar Fair and gave the stock a “buy” rating in a research note on Thursday. KeyCorp decreased their price objective on Cedar Fair from $70.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, August 19th. B. Riley set a $60.00 price objective on Cedar Fair and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, TheStreet upgraded Cedar Fair from a “c” rating to a “b-” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $62.80.
Shares of FUN traded up $1.05 during midday trading on Friday, reaching $55.05. 243,200 shares of the stock were exchanged, compared to its average volume of 250,203. Cedar Fair has a 52 week low of $45.58 and a 52 week high of $57.98. The company has a current ratio of 1.39, a quick ratio of 1.26 and a debt-to-equity ratio of 51.13. The company’s 50 day moving average is $53.40 and its two-hundred day moving average is $52.18. The company has a market capitalization of $3.05 billion, a P/E ratio of 18.23, a PEG ratio of 2.33 and a beta of 0.50.
Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.25. Cedar Fair had a negative return on equity of 939.99% and a net margin of 12.03%. The business had revenue of $436.19 million for the quarter, compared to the consensus estimate of $410.86 million. During the same quarter in the prior year, the company earned $0.34 EPS. The business’s revenue was up 14.7% compared to the same quarter last year.
Several large investors have recently made changes to their positions in FUN. Invesco Ltd. raised its stake in shares of Cedar Fair by 3,640.3% in the second quarter. Invesco Ltd. now owns 1,301,349 shares of the company’s stock worth $62,061,000 after purchasing an additional 1,266,556 shares during the last quarter. Morgan Stanley raised its stake in shares of Cedar Fair by 50.2% in the second quarter. Morgan Stanley now owns 1,964,246 shares of the company’s stock worth $93,675,000 after purchasing an additional 656,131 shares during the last quarter. MARSHALL WACE ASIA Ltd raised its stake in shares of Cedar Fair by 42.9% in the first quarter. MARSHALL WACE ASIA Ltd now owns 684,943 shares of the company’s stock worth $36,042,000 after purchasing an additional 205,534 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Cedar Fair by 31.1% in the first quarter. Bank of Montreal Can now owns 492,600 shares of the company’s stock worth $25,920,000 after purchasing an additional 116,900 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its stake in shares of Cedar Fair by 10.4% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 751,561 shares of the company’s stock worth $35,842,000 after purchasing an additional 70,597 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Wednesday, September 4th will be paid a $0.925 dividend. This represents a $3.70 dividend on an annualized basis and a yield of 6.72%. The ex-dividend date of this dividend is Tuesday, September 3rd. Cedar Fair’s dividend payout ratio (DPR) is presently 122.52%.
Cedar Fair Company Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. 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, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California’s Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.