Raymond James & Associates lowered its stake in Cedar Fair, L.P. (NYSE:FUN) by 4.7% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 170,844 shares of the company’s stock after selling 8,476 shares during the quarter. Raymond James & Associates owned approximately 0.30% of Cedar Fair worth $10,765,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of FUN. Wells Fargo & Company MN lifted its stake in Cedar Fair by 2.5% in the 1st quarter. Wells Fargo & Company MN now owns 198,437 shares of the company’s stock valued at $12,676,000 after buying an additional 4,907 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Cedar Fair by 26.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 11,056 shares of the company’s stock valued at $706,000 after buying an additional 2,316 shares in the last quarter. Eagle Asset Management Inc. purchased a new stake in Cedar Fair in the 1st quarter valued at approximately $3,183,000. Private Advisor Group LLC lifted its stake in Cedar Fair by 88.4% in the 1st quarter. Private Advisor Group LLC now owns 17,948 shares of the company’s stock valued at $1,147,000 after buying an additional 8,423 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its stake in Cedar Fair by 6.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 15,530 shares of the company’s stock valued at $992,000 after buying an additional 907 shares in the last quarter. 51.34% of the stock is currently owned by hedge funds and other institutional investors.
FUN has been the topic of a number of recent research reports. Stifel Nicolaus upped their target price on Cedar Fair from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, September 6th. ValuEngine lowered Cedar Fair from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Macquarie lowered Cedar Fair from an “outperform” rating to a “neutral” rating in a research note on Friday, July 13th. KeyCorp reduced their price target on Cedar Fair from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, August 2nd. Finally, B. Riley reduced their price target on Cedar Fair from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $66.67.
Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Wednesday, August 1st. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.58). Cedar Fair had a return on equity of 2,149.78% and a net margin of 14.04%. The business had revenue of $380.32 million for the quarter, compared to analysts’ expectations of $387.60 million. During the same period in the prior year, the company earned $0.55 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. analysts expect that Cedar Fair, L.P. will post 2.24 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Wednesday, September 5th were paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 6.90%. The ex-dividend date of this dividend was Tuesday, September 4th. This is a positive change from Cedar Fair’s previous quarterly dividend of $0.75. Cedar Fair’s dividend payout ratio is currently 87.90%.
In other Cedar Fair news, Director Thomas Klein purchased 10,000 shares of Cedar Fair stock in a transaction on Monday, August 6th. The shares were bought at an average price of $51.17 per share, with a total value of $511,700.00. Following the purchase, the director now directly owns 36,012 shares in the company, valued at approximately $1,842,734.04. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
Cedar Fair 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.
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