Cedar Fair, L.P. (NYSE:FUN) – Equities researchers at Wedbush reduced their Q2 2019 earnings per share (EPS) estimates for shares of Cedar Fair in a research note issued on Thursday, June 13th. Wedbush analyst J. Hardiman now forecasts that the company will post earnings per share of $0.66 for the quarter, down from their previous estimate of $0.77. Wedbush also issued estimates for Cedar Fair’s Q3 2019 earnings at $3.42 EPS.
FUN has been the topic of several other reports. Zacks Investment Research raised Cedar Fair from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. TheStreet cut Cedar Fair from a “b-” rating to a “c” rating in a research report on Monday, March 18th. ValuEngine cut Cedar Fair from a “hold” rating to a “sell” rating in a research report on Wednesday, June 12th. Finally, B. Riley dropped their price objective on Cedar Fair from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $60.83.
Cedar Fair (NYSE:FUN) last released its earnings results on Wednesday, May 8th. The company reported ($1.46) EPS for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.01. Cedar Fair had a negative return on equity of 1,151.68% and a net margin of 9.29%. The firm had revenue of $67.00 million for the quarter, compared to analysts’ expectations of $55.14 million. During the same period in the prior year, the firm posted ($1.49) earnings per share. The company’s quarterly revenue was up 22.5% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Tuesday, June 4th will be given a $0.925 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $3.70 annualized dividend and a yield of 7.48%. Cedar Fair’s payout ratio is 122.52%.
Large investors have recently made changes to their positions in the business. Capital Investment Advisory Services LLC boosted its holdings in Cedar Fair by 66.7% during the 1st quarter. Capital Investment Advisory Services LLC now owns 500 shares of the company’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Synovus Financial Corp bought a new position in shares of Cedar Fair in the 1st quarter worth $32,000. PRW Wealth Management LLC bought a new position in shares of Cedar Fair in the 4th quarter worth $34,000. Trustcore Financial Services LLC bought a new position in shares of Cedar Fair in the 1st quarter worth $34,000. Finally, Horan Capital Advisors LLC. bought a new position in shares of Cedar Fair in the 1st quarter worth $37,000. 51.67% of the stock is currently owned by institutional investors and hedge funds.
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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