WealthTrust Fairport LLC reduced its stake in Cedar Fair, L.P. (NYSE:FUN) by 20.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 5,300 shares of the company’s stock after selling 1,333 shares during the period. WealthTrust Fairport LLC’s holdings in Cedar Fair were worth $276,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. raised its stake in Cedar Fair by 61.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,934 shares of the company’s stock worth $153,000 after buying an additional 1,116 shares in the last quarter. Edge Wealth Management LLC purchased a new stake in Cedar Fair in the third quarter worth about $154,000. Pennsylvania Trust Co purchased a new stake in Cedar Fair in the second quarter worth about $238,000. Jane Street Group LLC purchased a new stake in Cedar Fair in the first quarter worth about $278,000. Finally, First Republic Investment Management Inc. purchased a new stake in Cedar Fair in the second quarter worth about $320,000. 51.37% of the stock is owned by institutional investors.
Shares of FUN opened at $51.69 on Monday. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 3.15 and a beta of 0.31. The company has a debt-to-equity ratio of 18.09, a quick ratio of 0.94 and a current ratio of 1.07. Cedar Fair, L.P. has a fifty-two week low of $47.90 and a fifty-two week high of $70.82.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $3.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.21 by $0.55. Cedar Fair had a net margin of 15.58% and a return on equity of 1,656.35%. The business had revenue of $663.70 million for the quarter, compared to analysts’ expectations of $659.45 million. During the same quarter in the prior year, the company earned $3.38 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts predict that Cedar Fair, L.P. will post 2.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Tuesday, December 4th will be issued a dividend of $0.925 per share. This is a boost from Cedar Fair’s previous quarterly dividend of $0.89. The ex-dividend date is Monday, December 3rd. This represents a $3.70 dividend on an annualized basis and a dividend yield of 7.16%. Cedar Fair’s dividend payout ratio is presently 87.90%.
FUN has been the topic of a number of recent research reports. ValuEngine upgraded shares of Cedar Fair from a “strong sell” rating to a “sell” rating in a report on Friday, September 7th. Zacks Investment Research cut shares of Cedar Fair from a “hold” rating to a “sell” rating in a report on Thursday, July 12th. Stifel Nicolaus upped their price objective on shares of Cedar Fair from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, September 6th. Goldman Sachs Group cut shares of Cedar Fair from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. Finally, B. Riley cut their price objective on shares of Cedar Fair from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Cedar Fair currently has an average rating of “Hold” and an average price target of $65.00.
Cedar Fair Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. 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, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St.
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