Cedar Fair (NYSE:FUN) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Cedar Fair (NYSE:FUN) from a hold rating to a sell rating in a report released on Monday morning, Zacks.com reports.

According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “

Several other brokerages also recently weighed in on FUN. B. Riley set a $18.00 price objective on shares of TiVo and gave the stock a buy rating in a research report on Thursday, June 13th. TheStreet raised shares of Patrick Industries from a c+ rating to a b- rating in a report on Monday, March 18th. Finally, ValuEngine cut shares of Welbilt from a hold rating to a sell rating in a report on Wednesday, June 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $59.83.

Shares of NYSE:FUN opened at $50.21 on Monday. The stock has a market cap of $2.88 billion, a P/E ratio of 18.08, a PEG ratio of 2.24 and a beta of 0.51. The company has a quick ratio of 0.49, a current ratio of 0.63 and a debt-to-equity ratio of 51.13. Cedar Fair has a twelve month low of $45.58 and a twelve month high of $59.69. The business’s 50 day moving average is $49.05.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($1.46) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.01. The business had revenue of $67.00 million during the quarter, compared to the consensus estimate of $55.14 million. Cedar Fair had a net margin of 9.29% and a negative return on equity of 1,151.68%. The company’s revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.49) EPS. As a group, equities research analysts expect that Cedar Fair will post 3.25 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. MARSHALL WACE ASIA Ltd increased its stake in Cedar Fair by 42.9% in the 1st quarter. MARSHALL WACE ASIA Ltd now owns 684,943 shares of the company’s stock valued at $36,042,000 after buying an additional 205,534 shares during the period. Bank of Montreal Can increased its stake in Cedar Fair by 31.1% in the 1st quarter. Bank of Montreal Can now owns 492,600 shares of the company’s stock valued at $25,920,000 after buying an additional 116,900 shares during the period. Overbrook Management Corp increased its stake in Cedar Fair by 2.0% in the 1st quarter. Overbrook Management Corp now owns 347,077 shares of the company’s stock valued at $18,263,000 after buying an additional 6,700 shares during the period. State of Wisconsin Investment Board increased its stake in Cedar Fair by 32.0% in the 1st quarter. State of Wisconsin Investment Board now owns 211,150 shares of the company’s stock valued at $11,111,000 after buying an additional 51,150 shares during the period. Finally, Deutsche Bank AG increased its stake in Cedar Fair by 146.1% in the 4th quarter. Deutsche Bank AG now owns 166,750 shares of the company’s stock valued at $7,887,000 after buying an additional 99,000 shares during the period. 51.66% of the stock is currently owned by institutional investors and hedge funds.

Cedar Fair Company 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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