Analysts Set Cedar Fair, L.P. (NYSE:FUN) PT at $53.90

Shares of Cedar Fair, L.P. (NYSE:FUN) have earned an average rating of “Buy” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. Ten analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have covered the stock in the last year is $53.90.

FUN has been the topic of a number of recent analyst reports. Truist Financial raised their price objective on Cedar Fair from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 10th. B. Riley raised their price objective on Cedar Fair from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Mizuho lowered their target price on Cedar Fair from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. StockNews.com started coverage on Cedar Fair in a report on Tuesday. They issued a “hold” rating on the stock. Finally, Oppenheimer raised their target price on Cedar Fair from $49.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday.

Hedge Funds Weigh In On Cedar Fair

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in shares of Cedar Fair by 201.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock worth $33,000 after buying an additional 562 shares during the period. Sound Income Strategies LLC lifted its position in shares of Cedar Fair by 44.4% during the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after buying an additional 852 shares during the period. PNC Financial Services Group Inc. raised its position in Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after purchasing an additional 300 shares during the last quarter. Stock Yards Bank & Trust Co. bought a new position in Cedar Fair in the 1st quarter valued at $257,000. Finally, Cetera Advisors LLC raised its position in Cedar Fair by 10.9% in the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock valued at $288,000 after purchasing an additional 675 shares during the last quarter. Institutional investors own 64.65% of the company’s stock.

Cedar Fair Price Performance

FUN opened at $57.59 on Wednesday. The business has a 50-day moving average of $45.88 and a 200-day moving average of $42.25. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $57.68. The company has a market capitalization of $2.95 billion, a PE ratio of 23.70 and a beta of 1.53.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings data 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 net margin of 6.95% and a negative return on equity of 22.94%. The company had revenue of $101.62 million during the quarter, compared to the consensus estimate of $91.97 million. On average, equities research analysts expect that Cedar Fair will post 3.41 earnings per share for the current fiscal year.

Cedar Fair Announces Dividend

The company also recently disclosed a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were issued a dividend of $1.53 per share. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s payout ratio is presently 49.38%.

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.