Cedar Fair (NYSE:FUN) Trading Down 4.9%

Cedar Fair, L.P. (NYSE:FUN) fell 4.9% on Wednesday . The company traded as low as $52.72 and last traded at $52.72. 319,133 shares traded hands during trading, a decline of 33% from the average session volume of 473,452 shares. The stock had previously closed at $55.42.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FUN. Stifel Nicolaus reissued a “buy” rating and set a $68.00 target price (up previously from $53.00) on shares of Cedar Fair in a research note on Friday. Truist Financial assumed coverage on shares of Cedar Fair in a research note on Tuesday. They issued a “buy” rating and a $62.00 price target for the company. Morgan Stanley raised their price target on shares of Cedar Fair from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, July 1st. StockNews.com started coverage on Cedar Fair in a report on Wednesday. They issued a “hold” rating on the stock. Finally, Oppenheimer increased their price target on Cedar Fair from $49.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cedar Fair presently has an average rating of “Moderate Buy” and an average price target of $58.70.

Cedar Fair Stock Down 2.7 %

The company has a market capitalization of $2.67 billion, a PE ratio of 21.42 and a beta of 1.53. The company has a 50-day moving average price of $47.16 and a two-hundred day moving average price of $42.70.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.40) by ($0.07). The business had revenue of $101.62 million for the quarter, compared to the consensus estimate of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. As a group, equities analysts anticipate that Cedar Fair, L.P. will post 3.48 EPS for the current fiscal year.

Cedar Fair Dividend Announcement

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

Institutional Investors Weigh In On Cedar Fair

Several large investors have recently added to or reduced their stakes in FUN. Goldman Sachs Group Inc. lifted its stake 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 worth $159,553,000 after purchasing an additional 539,352 shares during the last quarter. UBS Group AG lifted its stake in Cedar Fair by 313.7% during the fourth quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock worth $121,274,000 after purchasing an additional 2,310,565 shares during the last quarter. Brown Advisory Inc. lifted its stake in Cedar Fair by 1.1% during the fourth quarter. Brown Advisory Inc. now owns 94,486 shares of the company’s stock worth $3,761,000 after purchasing an additional 1,000 shares during the last quarter. Kestra Private Wealth Services LLC bought a new stake in Cedar Fair during the fourth quarter worth about $1,834,000. Finally, HAP Trading LLC bought a new stake in Cedar Fair during the first quarter worth about $1,329,000. Institutional investors 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.