Cedar Fair, L.P. (NYSE:FUN) – Equities research analysts at KeyCorp issued their Q2 2019 earnings per share estimates for Cedar Fair in a report released on Wednesday, January 9th. KeyCorp analyst B. Andress expects that the company will post earnings of $0.84 per share for the quarter. KeyCorp also issued estimates for Cedar Fair’s Q3 2019 earnings at $3.81 EPS, Q4 2019 earnings at $0.23 EPS and FY2020 earnings at $3.60 EPS.
FUN has been the topic of a number of other research reports. ValuEngine upgraded shares of Cedar Fair from a “sell” rating to a “hold” rating in a research report on Friday, October 12th. Zacks Investment Research upgraded shares of Cedar Fair from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Wednesday. Finally, SunTrust Banks reiterated a “hold” rating and set a $54.00 price objective on shares of Cedar Fair in a research report on Monday, December 24th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Cedar Fair currently has an average rating of “Hold” and an average target price of $60.83.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $3.76 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.55. Cedar Fair had a net margin of 15.58% and a return on equity of 1,656.35%. The company had revenue of $663.70 million for the quarter, compared to analysts’ expectations of $659.45 million. During the same quarter in the previous year, the business posted $3.38 earnings per share. Cedar Fair’s quarterly revenue was up 1.7% on a year-over-year basis.
Institutional investors and hedge funds have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Cedar Fair by 61.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,934 shares of the company’s stock valued at $153,000 after purchasing an additional 1,116 shares during the period. Edge Wealth Management LLC purchased a new stake in shares of Cedar Fair during the third quarter valued at $154,000. Columbia Asset Management purchased a new stake in shares of Cedar Fair during the third quarter valued at $154,000. Janney Montgomery Scott LLC purchased a new stake in shares of Cedar Fair during the third quarter valued at $250,000. Finally, Whittier Trust Co. purchased a new stake in shares of Cedar Fair during the third quarter valued at $307,000. 50.77% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Thomas Klein bought 20,000 shares of the stock in a transaction dated Monday, November 5th. The stock was purchased at an average cost of $50.98 per share, with a total value of $1,019,600.00. Following the completion of the purchase, the director now owns 56,012 shares of the company’s stock, valued at $2,855,491.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric Affeldt bought 2,000 shares of the stock in a transaction dated Friday, November 2nd. The shares were bought at an average cost of $51.44 per share, with a total value of $102,880.00. Following the completion of the purchase, the director now directly owns 12,200 shares of the company’s stock, valued at approximately $627,568. The disclosure for this purchase can be found here. Insiders have acquired 28,000 shares of company stock worth $1,416,000 in the last quarter. Company insiders own 2.00% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 17th. Shareholders of record on Tuesday, December 4th were given a dividend of $0.925 per share. This is a boost from Cedar Fair’s previous quarterly dividend of $0.89. The ex-dividend date was Monday, December 3rd. This represents a $3.70 dividend on an annualized basis and a yield of 6.91%. Cedar Fair’s payout ratio is 91.36%.
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.
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