Girard Partners LTD. reduced its stake in shares of Cedar Fair, L.P. (NYSE:FUN) by 31.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,230 shares of the company’s stock after selling 1,000 shares during the quarter. Girard Partners LTD.’s holdings in Cedar Fair were worth $116,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Janus Henderson Group PLC lifted its stake in shares of Cedar Fair by 65.1% during the 3rd quarter. Janus Henderson Group PLC now owns 3,727,833 shares of the company’s stock worth $194,146,000 after purchasing an additional 1,470,369 shares during the last quarter. Morgan Stanley lifted its stake in shares of Cedar Fair by 53.2% during the 2nd quarter. Morgan Stanley now owns 898,990 shares of the company’s stock worth $56,645,000 after purchasing an additional 312,338 shares during the last quarter. Epoch Investment Partners Inc. lifted its stake in shares of Cedar Fair by 6.4% during the 2nd quarter. Epoch Investment Partners Inc. now owns 458,166 shares of the company’s stock worth $28,869,000 after purchasing an additional 27,647 shares during the last quarter. Overbrook Management Corp lifted its stake in shares of Cedar Fair by 6.1% during the 2nd quarter. Overbrook Management Corp now owns 450,679 shares of the company’s stock worth $28,397,000 after purchasing an additional 25,858 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Cedar Fair by 12.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 363,133 shares of the company’s stock worth $18,913,000 after purchasing an additional 39,074 shares during the last quarter. Hedge funds and other institutional investors own 50.77% of the company’s stock.
Shares of NYSE:FUN opened at $53.17 on Friday. Cedar Fair, L.P. has a 1 year low of $47.90 and a 1 year high of $70.82. The stock has a market cap of $3.00 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 3.17 and a beta of 0.31. The company has a current ratio of 1.07, a quick ratio of 0.94 and a debt-to-equity ratio of 18.09.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Tuesday, December 4th will be given a dividend of $0.925 per share. This is a positive change from Cedar Fair’s previous quarterly dividend of $0.89. This represents a $3.70 annualized dividend and a yield of 6.96%. The ex-dividend date is Monday, December 3rd. Cedar Fair’s dividend payout ratio is currently 87.90%.
A number of brokerages recently weighed in on FUN. ValuEngine upgraded Cedar Fair from a “sell” rating to a “hold” rating in a research note on Friday, October 12th. 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 report on Thursday, September 6th. Zacks Investment Research lowered Cedar Fair from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. B. Riley reduced their target price on Cedar Fair from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, August 2nd. Finally, KeyCorp reduced their target price on Cedar Fair from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $65.00.
In other news, Director Thomas Klein acquired 20,000 shares of the business’s stock in a transaction dated Monday, November 5th. The shares were acquired at an average cost of $50.98 per share, with a total value of $1,019,600.00. Following the completion of the acquisition, the director now owns 56,012 shares of the company’s stock, valued at $2,855,491.76. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eric Affeldt acquired 2,000 shares of the business’s stock in a transaction dated Friday, November 2nd. The stock was purchased at an average cost of $51.44 per share, for a total transaction of $102,880.00. Following the completion of the acquisition, the director now directly owns 12,200 shares of the company’s stock, valued at approximately $627,568. The disclosure for this purchase can be found here. Corporate insiders own 2.00% of the company’s stock.
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About Cedar Fair
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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