Cedar Fair (NYSE:FUN) Reaches New 12-Month High After Dividend Announcement

Cedar Fair, L.P. (NYSE:FUN) reached a new 52-week high during trading on Tuesday after the company announced a dividend. The company traded as high as $51.49 and last traded at $51.15, with a volume of 22825 shares trading hands. The stock had previously closed at $48.26.

The newly announced dividend which will be paid on Monday, July 1st. Investors of record on Friday, June 28th will be paid a $1.53 dividend. The ex-dividend date is Friday, June 28th. Cedar Fair’s dividend payout ratio is 49.38%.

Wall Street Analysts Forecast Growth

FUN has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, May 15th. Truist Financial raised their price objective on shares of Cedar Fair from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. B. Riley raised their price objective on shares of Cedar Fair from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Finally, StockNews.com initiated coverage on shares of Cedar Fair in a research note on Sunday. They issued a “buy” rating for the company. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $51.10.

Cedar Fair Stock Performance

The company has a market cap of $2.66 billion, a price-to-earnings ratio of 21.35 and a beta of 1.45. The business’s 50 day simple moving average is $42.39 and its 200-day simple moving average is $41.08.

Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). The business had revenue of $101.62 million for the quarter, compared to the consensus estimate of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. Research analysts expect that Cedar Fair, L.P. will post 3.47 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in shares of Cedar Fair by 201.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock valued at $33,000 after purchasing an additional 562 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Cedar Fair by 44.4% in the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after acquiring an additional 852 shares during the period. PNC Financial Services Group Inc. raised its holdings in Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after acquiring an additional 300 shares during the period. Stock Yards Bank & Trust Co. bought a new position in Cedar Fair in the 1st quarter worth $257,000. Finally, Cetera Advisors LLC raised its holdings in Cedar Fair by 10.9% in the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after acquiring an additional 675 shares during the period. 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.