Cedar Fair, L.P. (NYSE:FUN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Cedar Fair, L.P. (NYSE:FUN) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $57.91.

A number of research firms have weighed in on FUN. 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 note on Tuesday, July 2nd. The Goldman Sachs Group cut their target price on Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Macquarie lowered their price target on Cedar Fair from $64.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. reduced their price objective on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Finally, Truist Financial decreased their target price on Cedar Fair from $62.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 9th.

Cedar Fair Trading Down 1.8 %

Cedar Fair stock opened at $41.43 on Monday. The stock has a fifty day moving average price of $44.94 and a 200 day moving average price of $44.42. Cedar Fair has a 52 week low of $34.04 and a 52 week high of $58.70. The firm has a market capitalization of $2.12 billion, a P/E ratio of 17.05 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. The company had revenue of $571.62 million during the quarter, compared to the consensus estimate of $525.57 million. As a group, equities analysts predict that Cedar Fair will post 2.78 EPS for the current year.

Hedge Funds Weigh In On Cedar Fair

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC grew its position in shares of Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after buying an additional 1,864 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Cedar Fair by 10.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after purchasing an additional 300 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Cedar Fair by 94.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after purchasing an additional 1,400 shares during the last quarter. Brookstone Capital Management acquired a new stake in shares of Cedar Fair during the second quarter worth $215,000. Finally, Thrive Wealth Management LLC bought a new position in Cedar Fair in the second quarter worth about $252,000. 64.65% of the stock is owned by hedge funds and other institutional investors.

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.