Cedar Fair, L.P. (NYSE:FUN) Short Interest Update

Cedar Fair, L.P. (NYSE:FUN) was the target of a large decline in short interest in September. As of September 15th, there was short interest totalling 9,030,000 shares, a decline of 8.0% from the August 31st total of 9,820,000 shares. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is presently 4.4 days.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. The Goldman Sachs Group dropped their price target on Cedar Fair from $63.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. JPMorgan Chase & Co. cut their price objective on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating for the company in a report on Monday, September 16th. Oppenheimer raised their price objective on Cedar Fair from $49.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Finally, StockNews.com assumed coverage on Cedar Fair in a research report on Wednesday, September 4th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Hedge Funds Weigh In On Cedar Fair

A number of hedge funds and other institutional investors have recently made changes to their positions in FUN. CWM LLC lifted its stake in Cedar Fair by 932.0% in the second quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after acquiring an additional 1,864 shares during the period. PNC Financial Services Group Inc. lifted its stake in Cedar Fair by 10.0% in the fourth 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. Benjamin F. Edwards & Company Inc. lifted its stake in Cedar Fair by 94.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock worth $157,000 after acquiring an additional 1,400 shares during the period. Brookstone Capital Management purchased a new stake in Cedar Fair in the second quarter worth $215,000. Finally, Thrive Wealth Management LLC purchased a new stake in Cedar Fair in the second quarter worth $252,000. Institutional investors own 64.65% of the company’s stock.

Cedar Fair Trading Down 4.4 %

FUN stock traded down $1.76 during midday trading on Tuesday, hitting $38.55. The company had a trading volume of 2,035,078 shares, compared to its average volume of 891,156. Cedar Fair has a 52 week low of $34.04 and a 52 week high of $58.70. The stock’s 50 day moving average price is $43.18 and its 200 day moving average price is $44.32. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 15.86 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.02. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. The firm had revenue of $571.62 million during the quarter, compared to the consensus estimate of $525.57 million. Analysts predict that Cedar Fair will post 2.09 earnings per share for the current year.

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.