Cedar Fair (NYSE:FUN) Given New $55.00 Price Target at Macquarie

Cedar Fair (NYSE:FUN) had its target price dropped by research analysts at Macquarie from $60.00 to $55.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s target price would indicate a potential upside of 37.53% from the stock’s previous close.

FUN has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Stifel Nicolaus reduced their price target on Cedar Fair from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, August 9th. StockNews.com started coverage on Cedar Fair in a research note on Wednesday, September 4th. They issued a “hold” rating on the stock. The Goldman Sachs Group cut 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, Mizuho decreased their target price on shares of Cedar Fair from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Cedar Fair presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.92.

Cedar Fair Stock Performance

Shares of FUN stock traded down $0.35 on Friday, reaching $39.99. The stock had a trading volume of 155,487 shares, compared to its average volume of 929,541. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $58.70. The stock has a market cap of $2.05 billion, a P/E ratio of 16.46 and a beta of 1.55. The company has a 50 day simple moving average of $41.36 and a 200 day simple moving average of $43.99.

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, topping the consensus estimate of $1.06 by $0.02. The business had revenue of $571.62 million for the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. On average, equities research analysts anticipate that Cedar Fair will post 2.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cedar Fair

A number of hedge funds and other institutional investors have recently modified their holdings of FUN. Torno Capital LLC purchased a new stake in Cedar Fair in the 2nd quarter worth $4,413,000. HAP Trading LLC bought a new position in Cedar Fair during the first quarter valued at approximately $1,329,000. 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 acquiring an additional 13,332 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Cedar Fair by 4.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock valued at $1,022,000 after acquiring an additional 826 shares during the last quarter. Finally, Aurora Investment Counsel grew its holdings in shares of Cedar Fair by 1.7% in the first quarter. Aurora Investment Counsel now owns 15,077 shares of the company’s stock valued at $632,000 after purchasing an additional 253 shares in the last quarter. Institutional investors own 64.65% of the company’s stock.

Cedar Fair Company Profile

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.