StockNews.com Initiates Coverage on Cedar Fair (NYSE:FUN)

Equities research analysts at StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a note issued to investors on Tuesday. The brokerage set a “hold” rating on the stock.

Other analysts also recently issued research reports about the stock. Truist Financial raised their price target on shares of Cedar Fair from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, May 10th. B. Riley lifted their target price on Cedar Fair from $52.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, June 12th. Mizuho reduced their target price on shares of Cedar Fair from $56.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. Finally, Morgan Stanley lifted their price target on shares of Cedar Fair from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average price target of $52.10.

Cedar Fair Price Performance

FUN opened at $52.45 on Tuesday. The firm has a market cap of $2.69 billion, a PE ratio of 21.58 and a beta of 1.53. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $56.00. The stock has a 50-day moving average price of $44.43 and a 200-day moving average price of $41.80.

Cedar Fair (NYSE:FUN) last issued its earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.40) by ($0.07). Cedar Fair had a negative return on equity of 22.94% and a net margin of 6.95%. The company had revenue of $101.62 million during the quarter, compared to analyst estimates of $91.97 million. As a group, sell-side analysts anticipate that Cedar Fair will post 3.47 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 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 lifted its position in Cedar Fair by 44.4% during 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 last quarter. PNC Financial Services Group Inc. lifted its position 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 valued at $131,000 after acquiring an additional 300 shares in the last quarter. Stock Yards Bank & Trust Co. bought a new stake in Cedar Fair during the 1st quarter worth approximately $257,000. Finally, Cetera Advisors LLC lifted its holdings in Cedar Fair by 10.9% during the first quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock valued at $288,000 after purchasing an additional 675 shares in the last quarter. 64.65% of the stock is owned by 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.