JPMorgan Chase & Co. Lowers Cedar Fair (NYSE:FUN) Price Target to $43.00

Cedar Fair (NYSE:FUN) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $48.00 to $43.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 5.83% from the stock’s current price.

A number of other equities research analysts also recently weighed in on FUN. Mizuho cut their price target on shares of Cedar Fair from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Oppenheimer raised their target price on shares of Cedar Fair from $49.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Citigroup dropped their price target on Cedar Fair from $64.00 to $61.00 and set a “buy” rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group reduced their price objective 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. Finally, B. Riley cut their target price on Cedar Fair from $77.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.18.

Cedar Fair Price Performance

Shares of NYSE FUN traded down $0.25 during mid-day trading on Monday, reaching $40.63. 134,096 shares of the company traded hands, compared to its average volume of 816,488. The firm has a market cap of $2.08 billion, a PE ratio of 16.72 and a beta of 1.55. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $58.70. The stock has a fifty day simple moving average of $45.97 and a 200-day simple moving average of $44.47.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $571.62 million for the quarter, compared to the consensus estimate of $525.57 million. As a group, analysts predict that Cedar Fair will post 2.78 EPS for the current fiscal year.

Institutional Trading of Cedar Fair

Institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its holdings in Cedar Fair by 932.0% in the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after purchasing an additional 1,864 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Cedar Fair by 10.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after buying an additional 300 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in Cedar Fair by 94.1% in the 2nd 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 acquired a new position in Cedar Fair during the 2nd quarter worth $215,000. Finally, Thrive Wealth Management LLC bought a new stake in Cedar Fair during the second quarter valued at about $252,000. 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.