Cedar Fair, L.P. (NYSE:FUN) Short Interest Down 5.1% in October

Cedar Fair, L.P. (NYSE:FUN) saw a significant drop in short interest in October. As of October 15th, there was short interest totalling 10,160,000 shares, a drop of 5.1% from the September 30th total of 10,710,000 shares. Based on an average daily volume of 1,680,000 shares, the days-to-cover ratio is presently 6.0 days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Torno Capital LLC acquired a new stake in Cedar Fair during the second quarter worth about $4,413,000. HAP Trading LLC acquired a new stake in Cedar Fair during the first quarter worth about $1,329,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its holdings in Cedar Fair by 121.9% during the first quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 24,268 shares of the company’s stock worth $1,017,000 after acquiring an additional 13,332 shares during the period. Commonwealth Equity Services LLC grew its holdings in Cedar Fair by 4.6% during the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock worth $1,022,000 after acquiring an additional 826 shares during the period. Finally, Aurora Investment Counsel grew its holdings in Cedar Fair by 1.7% during the first quarter. Aurora Investment Counsel now owns 15,077 shares of the company’s stock worth $632,000 after acquiring an additional 253 shares during the period. 64.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FUN. Deutsche Bank Aktiengesellschaft dropped their price objective on Cedar Fair from $65.00 to $58.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Guggenheim began coverage on Cedar Fair in a research report on Tuesday. They set a “buy” rating and a $52.00 price objective on the stock. Citigroup dropped their price objective on Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. StockNews.com initiated coverage on Cedar Fair in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group decreased their price target on Cedar Fair from $55.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cedar Fair presently has an average rating of “Moderate Buy” and a consensus target price of $55.46.

Cedar Fair Stock Up 3.1 %

Shares of NYSE:FUN opened at $40.62 on Friday. Cedar Fair has a 52-week low of $34.53 and a 52-week high of $58.70. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 16.45 and a beta of 1.55. The business has a 50-day moving average price of $40.60 and a 200-day moving average price of $43.98.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.02. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. The firm had revenue of $571.62 million during the quarter, compared to analysts’ expectations of $525.57 million. As a group, equities analysts anticipate that Cedar Fair will post 2.02 EPS for the current fiscal year.

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.