The Goldman Sachs Group Reaffirms Neutral Rating for Cedar Fair (NYSE:FUN)

The Goldman Sachs Group reissued their neutral rating on shares of Cedar Fair (NYSE:FUN) in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has a $63.00 target price on the stock.

Several other research analysts have also recently commented on FUN. Morgan Stanley raised their target price on shares of Cedar Fair from $55.00 to $65.00 and gave the stock an overweight rating in a report on Monday, July 1st. Truist Financial started coverage on shares of Cedar Fair in a report on Tuesday, July 9th. They set a buy rating and a $62.00 target price on the stock. B. Riley raised their target price on shares of Cedar Fair from $52.00 to $59.00 and gave the stock a buy rating in a report on Wednesday, June 12th. StockNews.com assumed coverage on shares of Cedar Fair in a report on Wednesday. They set a hold rating on the stock. Finally, Oppenheimer increased their price target on shares of Cedar Fair from $49.00 to $67.00 and gave the stock an outperform rating in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cedar Fair has a consensus rating of Moderate Buy and a consensus price target of $58.70.

Cedar Fair Stock Up 1.8 %

Cedar Fair stock opened at $52.94 on Wednesday. The stock has a market cap of $2.71 billion, a P/E ratio of 21.79 and a beta of 1.53. Cedar Fair has a twelve month low of $34.04 and a twelve month high of $58.70. The company’s 50-day moving average price is $47.43 and its two-hundred day moving average price is $42.83.

Cedar Fair (NYSE:FUN) last announced its earnings results on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing the consensus estimate of ($2.40) by ($0.07). Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. The business had revenue of $101.62 million for the quarter, compared to the consensus estimate of $91.97 million. Equities analysts anticipate that Cedar Fair will post 3.36 earnings per share for the current fiscal year.

Cedar Fair Announces Dividend

The business also recently announced a Variable dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 28th were given a $1.53 dividend. The ex-dividend date of this dividend was Friday, June 28th. Cedar Fair’s dividend payout ratio is currently 49.38%.

Institutional Trading of Cedar Fair

A number of hedge funds have recently added to or reduced their stakes in FUN. JPMorgan Chase & Co. boosted 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 valued at $124,718,000 after buying an additional 1,130,439 shares in the last quarter. Sound Income Strategies LLC boosted its position in Cedar Fair by 44.4% in the fourth quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock valued at $110,000 after buying an additional 852 shares in the last quarter. Saxon Interests Inc. acquired a new stake in Cedar Fair in the fourth quarter valued at approximately $308,000. Sequoia Financial Advisors LLC acquired a new stake in Cedar Fair in the fourth quarter valued at approximately $463,000. Finally, Carnegie Capital Asset Management LLC boosted its position in Cedar Fair by 10.9% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company’s stock valued at $420,000 after buying an additional 1,033 shares in the last quarter. Institutional investors and hedge funds own 64.65% of the company’s stock.

Cedar Fair Company Profile

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.