Cedar Fair (NYSE:FUN) Price Target Cut to $47.00

Cedar Fair (NYSE:FUN) had its price target cut by The Goldman Sachs Group from $55.00 to $47.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 14.61% from the company’s previous close.

FUN has been the subject of a number of other reports. Citigroup reduced their price objective on shares of Cedar Fair from $61.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Morgan Stanley raised their price target 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. Macquarie decreased their price target on shares of Cedar Fair from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Finally, Truist Financial decreased their price target on shares of Cedar Fair from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $55.75.

Cedar Fair Stock Performance

NYSE FUN traded up $1.08 on Friday, reaching $41.01. The company’s stock had a trading volume of 227,328 shares, compared to its average volume of 930,142. Cedar Fair has a twelve month low of $34.04 and a twelve month high of $58.70. The stock has a market cap of $2.10 billion, a PE ratio of 16.90 and a beta of 1.55. The firm’s 50 day moving average is $41.03 and its two-hundred day moving average is $43.94.

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 analyst estimates of $525.57 million. Equities research analysts anticipate that Cedar Fair will post 2.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Cedar Fair

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC raised its position in Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after acquiring an additional 1,864 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Cedar Fair by 94.1% in 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 period. PNC Financial Services Group Inc. raised its position in shares of Cedar Fair by 10.0% in 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 period. Brookstone Capital Management bought a new position in shares of Cedar Fair in the second quarter valued at approximately $215,000. Finally, Thrive Wealth Management LLC bought a new position in shares of Cedar Fair in the second quarter valued at approximately $252,000. Institutional investors 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.