Cedar Fair, L.P. (NYSE:FUN) Given Average Rating of “Moderate Buy” by Brokerages

Cedar Fair, L.P. (NYSE:FUN) has been assigned an average rating of “Moderate Buy” from the eleven analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $57.91.

Several equities research analysts have weighed in on FUN shares. Macquarie cut their price target on Cedar Fair from $64.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. cut their target price on shares of Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. The Goldman Sachs Group decreased their price target on shares of Cedar Fair from $63.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Truist Financial dropped their price objective on shares of Cedar Fair from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Stifel Nicolaus decreased their price objective on shares of Cedar Fair from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

Cedar Fair Stock Performance

FUN opened at $41.43 on Monday. The stock has a market capitalization of $2.12 billion, a PE ratio of 17.05 and a beta of 1.55. Cedar Fair has a one year low of $34.04 and a one year high of $58.70. The business’s 50 day moving average price is $44.94 and its 200 day moving average price is $44.42.

Cedar Fair (NYSE:FUN) last announced its earnings results on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $525.57 million. As a group, equities research analysts forecast that Cedar Fair will post 2.78 earnings per share for the current fiscal year.

Institutional Trading of Cedar Fair

A number of institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in Cedar Fair by 15.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock worth $159,553,000 after buying an additional 539,352 shares in the last quarter. UBS Group AG lifted its holdings in Cedar Fair by 313.7% in the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after purchasing an additional 2,310,565 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Cedar Fair during the 4th quarter worth about $617,000. Brookstone Capital Management purchased a new stake in shares of Cedar Fair during the second quarter worth about $215,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Cedar Fair by 26.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after buying an additional 1,620 shares during the last quarter. 64.65% of the stock is currently owned by hedge funds and other institutional investors.

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.