Cedar Fair (NYSE:FUN) Reaches New 1-Year High at $52.61

Cedar Fair, L.P. (NYSE:FUN)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $52.61 and last traded at $52.45, with a volume of 227590 shares changing hands. The stock had previously closed at $50.97.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FUN. StockNews.com assumed coverage on shares of Cedar Fair in a research report on Monday, June 24th. They issued a “buy” rating for the company. Mizuho lowered 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. Truist Financial upped their price target on shares of Cedar Fair from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, B. Riley upped their price target on shares of Cedar Fair from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cedar Fair currently has a consensus rating of “Buy” and an average target price of $51.10.

Cedar Fair Stock Up 1.5 %

The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 22.42 and a beta of 1.45. The stock’s 50 day moving average price is $44.15 and its two-hundred day moving average price is $41.66.

Cedar Fair (NYSE:FUN) last released its quarterly 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). The firm had revenue of $101.62 million for the quarter, compared to analyst estimates of $91.97 million. Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. On average, analysts predict that Cedar Fair, L.P. will post 3.47 earnings per share for the current fiscal year.

Cedar Fair Dividend Announcement

The company also recently declared a Variable dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 28th will be given a dividend of $1.53 per share. The ex-dividend date is Friday, June 28th. Cedar Fair’s dividend payout ratio is presently 49.38%.

Institutional Trading of Cedar Fair

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its position in Cedar Fair by 201.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock valued at $33,000 after buying an additional 562 shares during the period. Sound Income Strategies LLC grew its position in shares of 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 purchasing an additional 852 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Cedar Fair by 10.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after purchasing an additional 300 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in shares of Cedar Fair during the first quarter worth about $257,000. Finally, Cetera Advisors LLC increased its stake in shares of Cedar Fair by 10.9% during the first quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after purchasing an additional 675 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.