Cedar Fair (NYSE:FUN) Given Buy Rating at Stifel Nicolaus

Stifel Nicolaus reaffirmed their buy rating on shares of Cedar Fair (NYSE:FUN) in a research note published on Friday morning, MarketBeat Ratings reports. The firm currently has a $68.00 price objective on the stock, up from their prior price objective of $53.00.

FUN has been the topic of several other research reports. Truist Financial started coverage on shares of Cedar Fair in a research note on Tuesday. They set a buy rating and a $62.00 price objective on the stock. Oppenheimer upped their price target on Cedar Fair from $49.00 to $67.00 and gave the stock an outperform rating in a research note on Tuesday, July 2nd. B. Riley lifted 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 cut their target price on Cedar Fair from $56.00 to $55.00 and set a buy rating on the stock in a research note on Wednesday, May 15th. Finally, The Goldman Sachs Group reiterated a neutral rating and issued a $63.00 price target on shares of Cedar Fair in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $58.70.

Cedar Fair Price Performance

Shares of NYSE FUN opened at $52.85 on Friday. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $58.70. The company’s 50-day moving average is $47.43 and its 200 day moving average is $42.80. The stock has a market capitalization of $2.71 billion, a P/E ratio of 21.75 and a beta of 1.53.

Cedar Fair (NYSE:FUN) last released its earnings results on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The firm had revenue of $101.62 million during the quarter, compared to analysts’ expectations of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. Research analysts anticipate that Cedar Fair will post 3.36 earnings per share for the current year.

Cedar Fair Announces Dividend

The business 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 49.38%.

Hedge Funds Weigh In On Cedar Fair

Institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its position in Cedar Fair by 15.5% in 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 grew its position in Cedar Fair by 313.7% during the fourth quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after buying an additional 2,310,565 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Cedar Fair during the fourth quarter valued at approximately $463,000. Jump Financial LLC bought a new position in Cedar Fair in the fourth quarter worth approximately $617,000. Finally, Carnegie Capital Asset Management LLC boosted its stake in shares of Cedar Fair by 10.9% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company’s stock worth $420,000 after acquiring an additional 1,033 shares during the last quarter. 64.65% of the stock is currently owned by hedge funds and other institutional investors.

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.