Cedar Fair (NYSE:FUN) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a report released on Saturday. The firm issued a buy rating on the stock.

Several other research firms have also recently commented on FUN. Truist Financial boosted their price target on Cedar Fair from $46.00 to $48.00 and gave the stock a buy rating in a research note on Friday, February 16th. Mizuho initiated coverage on Cedar Fair in a research note on Tuesday, March 26th. They issued a buy rating and a $56.00 price target on the stock. KeyCorp boosted their price objective on Cedar Fair from $49.00 to $52.00 and gave the company an overweight rating in a report on Friday, February 16th. Stifel Nicolaus boosted their price objective on Cedar Fair from $49.00 to $52.00 and gave the company a buy rating in a report on Friday, February 16th. Finally, Oppenheimer initiated coverage on Cedar Fair in a report on Thursday, February 8th. They issued an outperform rating and a $49.00 price objective for the company. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $50.30.

Cedar Fair Stock Performance

NYSE:FUN opened at $39.47 on Friday. Cedar Fair has a one year low of $34.04 and a one year high of $45.39. The business’s 50-day simple moving average is $41.43 and its 200 day simple moving average is $39.32. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 16.11 and a beta of 1.41.

Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). Cedar Fair had a negative return on equity of 21.06% and a net margin of 6.96%. The business had revenue of $371.12 million during the quarter, compared to analyst estimates of $365.13 million. On average, equities research analysts predict that Cedar Fair will post 3.28 EPS for the current year.

Cedar Fair Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Tuesday, March 5th. Cedar Fair’s dividend payout ratio (DPR) is 48.98%.

Institutional Investors Weigh In On Cedar Fair

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in Cedar Fair by 67.6% in the third quarter. Barclays PLC now owns 2,305,406 shares of the company’s stock worth $85,300,000 after purchasing an additional 930,021 shares during the period. JPMorgan Chase & Co. lifted its position in Cedar Fair by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock worth $124,718,000 after purchasing an additional 1,130,439 shares during the period. Aurora Investment Counsel acquired a new stake in Cedar Fair in the third quarter worth approximately $2,142,000. Leith Wheeler Investment Counsel Ltd. lifted its position in Cedar Fair by 26.4% in the third quarter. Leith Wheeler Investment Counsel Ltd. now owns 171,373 shares of the company’s stock worth $6,341,000 after purchasing an additional 35,818 shares during the period. Finally, Saxon Interests Inc. acquired a new stake in Cedar Fair in the fourth quarter worth approximately $308,000. 64.65% 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, as well as complementary resort facilities. 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, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.