Cedar Fair (NYSE:FUN) Price Target Cut to $22.00

Cedar Fair (NYSE:FUN) had its price target reduced by B. Riley from $44.00 to $22.00 in a research report report published on Monday, BenzingaRatingsTable reports. They currently have a neutral rating on the stock. B. Riley also issued estimates for Cedar Fair’s Q1 2020 earnings at ($1.75) EPS, Q2 2020 earnings at ($1.18) EPS, Q3 2020 earnings at $3.69 EPS, Q4 2020 earnings at $0.37 EPS, FY2020 earnings at $1.13 EPS, Q2 2021 earnings at $1.14 EPS, Q3 2021 earnings at $3.35 EPS, Q4 2021 earnings at $0.06 EPS and FY2021 earnings at $2.89 EPS.

Several other equities analysts have also issued reports on FUN. ValuEngine lowered Cedar Fair from a hold rating to a sell rating in a research note on Friday, March 13th. Zacks Investment Research lowered Cedar Fair from a hold rating to a sell rating in a research note on Friday, February 21st. Finally, TheStreet lowered Cedar Fair from a b- rating to a c rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $55.00.

FUN traded down $1.12 on Monday, hitting $25.01. The company had a trading volume of 1,379,912 shares, compared to its average volume of 705,227. The stock has a fifty day moving average price of $39.60 and a 200-day moving average price of $51.81. Cedar Fair has a 12-month low of $13.00 and a 12-month high of $64.86. The company has a debt-to-equity ratio of 50.48, a quick ratio of 0.81 and a current ratio of 0.91. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 8.31, a P/E/G ratio of 0.97 and a beta of 0.70.

Cedar Fair (NYSE:FUN) last posted its earnings results on Wednesday, February 19th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). Cedar Fair had a net margin of 11.69% and a negative return on equity of 395.23%. The company had revenue of $257.25 million during the quarter, compared to analysts’ expectations of $267.47 million. Analysts forecast that Cedar Fair will post 3.23 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 17th. Stockholders of record on Wednesday, March 4th were paid a dividend of $0.935 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $3.74 dividend on an annualized basis and a dividend yield of 14.95%. Cedar Fair’s payout ratio is 121.43%.

In other Cedar Fair news, VP Milkie Duffield purchased 5,390 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were acquired at an average price of $37.58 per share, for a total transaction of $202,556.20. Also, Director Carlos Ruisanchez purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average price of $44.81 per share, for a total transaction of $224,050.00. Following the purchase, the director now directly owns 6,308 shares of the company’s stock, valued at approximately $282,661.48. The disclosure for this purchase can be found here. Insiders have bought 28,130 shares of company stock worth $1,008,559 in the last 90 days. Insiders own 2.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of FUN. Alleghany Corp DE purchased a new stake in Cedar Fair in the fourth quarter valued at approximately $74,290,000. CI Investments Inc. boosted its position in Cedar Fair by 27.3% in the fourth quarter. CI Investments Inc. now owns 785,200 shares of the company’s stock valued at $43,531,000 after buying an additional 168,400 shares during the last quarter. Raymond James & Associates boosted its position in Cedar Fair by 96.7% in the fourth quarter. Raymond James & Associates now owns 286,778 shares of the company’s stock valued at $15,899,000 after buying an additional 141,001 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in Cedar Fair by 20.6% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 818,629 shares of the company’s stock valued at $45,386,000 after buying an additional 139,731 shares during the last quarter. Finally, River Road Asset Management LLC boosted its position in Cedar Fair by 31.0% in the fourth quarter. River Road Asset Management LLC now owns 420,927 shares of the company’s stock valued at $23,336,000 after buying an additional 99,664 shares during the last quarter. Hedge funds and other institutional investors own 50.38% of the company’s stock.

Cedar Fair Company 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.

See Also: Sell-Side Analysts

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