Cedar Fair (NYSE:FUN) Sees Unusually-High Trading Volume

Cedar Fair, L.P. (NYSE:FUN) shares saw unusually-high trading volume on Wednesday . Approximately 1,190,699 shares traded hands during mid-day trading, an increase of 84% from the previous session’s volume of 645,406 shares.The stock last traded at $44.71 and had previously closed at $45.09.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FUN. Morgan Stanley lifted their target price on Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, July 1st. JPMorgan Chase & Co. started coverage on Cedar Fair in a report on Tuesday. They set an “underweight” rating and a $50.00 price objective on the stock. Macquarie assumed coverage on shares of Cedar Fair in a report on Thursday, July 18th. They issued an “outperform” rating and a $64.00 target price for the company. Stifel Nicolaus restated a “buy” rating and set a $68.00 price target (up previously from $53.00) on shares of Cedar Fair in a report on Friday, July 12th. Finally, Mizuho reduced their price target on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.18.

Cedar Fair Price Performance

The firm has a fifty day simple moving average of $49.12 and a 200 day simple moving average of $43.99. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 18.55 and a beta of 1.54.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.40) by ($0.07). Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. The business had revenue of $101.62 million during the quarter, compared to analyst estimates of $91.97 million. Analysts expect that Cedar Fair, L.P. will post 3.63 earnings per share for the current year.

Cedar Fair Dividend Announcement

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

Institutional Trading of Cedar Fair

Several institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC bought a new stake in Cedar Fair in the fourth quarter valued at about $463,000. Carnegie Capital Asset Management LLC grew 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 acquiring an additional 1,033 shares during the period. Kestra Private Wealth Services LLC acquired a new position in Cedar Fair during the fourth quarter worth $1,834,000. Jump Financial LLC bought a new stake in shares of Cedar Fair in the 4th quarter worth about $617,000. Finally, Brown Advisory Inc. increased its position in shares of Cedar Fair by 1.1% during the 4th quarter. Brown Advisory Inc. now owns 94,486 shares of the company’s stock worth $3,761,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 64.65% of the company’s stock.

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.