Cedar Fair (NYSE:FUN) Price Target Lowered to $58.00 at Citigroup

Cedar Fair (NYSE:FUN) had its price objective cut by Citigroup from $61.00 to $58.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on FUN. Oppenheimer raised their target price on shares of Cedar Fair from $49.00 to $67.00 and gave the company an outperform rating in a research note on Tuesday, July 2nd. Macquarie cut their price target on Cedar Fair from $64.00 to $60.00 and set an outperform rating for the company in a report on Friday, August 9th. Morgan Stanley upped their price objective on Cedar Fair from $55.00 to $65.00 and gave the stock an overweight rating in a report on Monday, July 1st. The Goldman Sachs Group cut their target price on shares of Cedar Fair from $63.00 to $55.00 and set a neutral rating for the company in a report on Monday, August 12th. Finally, Stifel Nicolaus decreased their price target on shares of Cedar Fair from $68.00 to $60.00 and set a buy rating on the stock in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $57.91.

Cedar Fair Trading Down 1.8 %

Shares of FUN opened at $41.43 on Wednesday. The firm has a market cap of $2.12 billion, a PE ratio of 17.05 and a beta of 1.55. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $58.70. The firm has a fifty day simple moving average of $44.94 and a two-hundred day simple moving average of $44.42.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.06 by $0.02. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. The firm had revenue of $571.62 million for the quarter, compared to the consensus estimate of $525.57 million. As a group, research analysts forecast that Cedar Fair will post 2.78 EPS for the current fiscal year.

Institutional Investors Weigh In On Cedar Fair

Several hedge funds and other institutional investors have recently modified their holdings of FUN. UBS Group AG boosted its holdings in Cedar Fair by 313.7% during the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after acquiring an additional 2,310,565 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of 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 purchasing an additional 539,352 shares during the last quarter. Torno Capital LLC purchased a new stake in shares of Cedar Fair during the second quarter valued at $4,413,000. HAP Trading LLC bought a new position in shares of Cedar Fair in the first quarter worth about $1,329,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its stake in Cedar Fair by 121.9% in the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 24,268 shares of the company’s stock worth $1,017,000 after buying an additional 13,332 shares during the period. 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.