Zacks Investment Research cut shares of Cedar Fair (NYSE:FUN) from a strong-buy rating to a hold rating in a report released on Monday morning.
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. “
Other equities research analysts also recently issued reports about the stock. TheStreet upgraded shares of Cedar Fair from a c+ rating to a b- rating in a research note on Thursday, January 31st. SunTrust Banks reiterated a hold rating and issued a $54.00 target price on shares of Cedar Fair in a research note on Monday, December 24th. ValuEngine upgraded shares of Cedar Fair from a sell rating to a hold rating in a research note on Tuesday, November 27th. Finally, Macquarie upgraded shares of Cedar Fair from a neutral rating to an outperform rating in a research note on Friday, February 15th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $60.83.
Cedar Fair stock opened at $51.81 on Monday. Cedar Fair has a one year low of $45.73 and a one year high of $69.39. The company has a debt-to-equity ratio of 18.09, a current ratio of 1.07 and a quick ratio of 0.94. The stock has a market cap of $2.91 billion, a PE ratio of 17.16, a price-to-earnings-growth ratio of 2.59 and a beta of 0.62.
Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Wednesday, February 13th. The company reported ($0.40) EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.59). Cedar Fair had a negative return on equity of 1,751.24% and a net margin of 9.39%. The business had revenue of $249.80 million for the quarter, compared to analyst estimates of $243.23 million. During the same quarter in the prior year, the company earned $1.01 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, sell-side analysts expect that Cedar Fair will post 3.32 earnings per share for the current fiscal year.
In related news, CEO Richard Zimmerman acquired 6,000 shares of the business’s stock in a transaction on Wednesday, December 19th. The stock was purchased at an average cost of $48.92 per share, for a total transaction of $293,520.00. Following the completion of the transaction, the chief executive officer now directly owns 166,684 shares of the company’s stock, valued at approximately $8,154,181.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. PRW Wealth Management LLC bought a new position in shares of Cedar Fair during the fourth quarter worth approximately $34,000. CWM LLC bought a new position in shares of Cedar Fair during the fourth quarter worth approximately $65,000. First Manhattan Co. increased its holdings in shares of Cedar Fair by 166.7% during the fourth quarter. First Manhattan Co. now owns 1,600 shares of the company’s stock worth $75,000 after purchasing an additional 1,000 shares during the period. Advisory Services Network LLC increased its holdings in shares of Cedar Fair by 26.7% during the fourth quarter. Advisory Services Network LLC now owns 2,049 shares of the company’s stock worth $97,000 after purchasing an additional 432 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in shares of Cedar Fair by 61.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,934 shares of the company’s stock worth $153,000 after purchasing an additional 1,116 shares during the period. Hedge funds and other institutional investors own 51.69% of the company’s stock.
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.
Featured Article: What does cost of debt say about a company’s financial health?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cedar Fair Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cedar Fair and related companies with MarketBeat.com's FREE daily email newsletter.