Valley National Advisers Inc. boosted its holdings in Cedar Fair, L.P. (NYSE:FUN) by 50.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,500 shares of the company’s stock after buying an additional 500 shares during the period. Valley National Advisers Inc.’s holdings in Cedar Fair were worth $79,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of FUN. Neuberger Berman Group LLC increased its stake in Cedar Fair by 6.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 5,303,716 shares of the company’s stock worth $276,218,000 after buying an additional 316,231 shares in the last quarter. Bank of Montreal Can increased its stake in Cedar Fair by 347.8% in the 4th quarter. Bank of Montreal Can now owns 375,700 shares of the company’s stock worth $17,770,000 after buying an additional 291,800 shares in the last quarter. Morgan Stanley increased its stake in Cedar Fair by 26.8% in the 3rd quarter. Morgan Stanley now owns 1,140,291 shares of the company’s stock worth $59,386,000 after buying an additional 241,301 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new stake in Cedar Fair in the 4th quarter worth $8,256,000. Finally, RK Capital Management LLC purchased a new stake in Cedar Fair in the 4th quarter worth $6,963,000. Institutional investors and hedge funds own 51.25% of the company’s stock.
Shares of NYSE:FUN traded down $0.09 during trading on Wednesday, reaching $53.57. The company’s stock had a trading volume of 161,811 shares, compared to its average volume of 204,212. The company has a current ratio of 0.63, a quick ratio of 0.72 and a debt-to-equity ratio of 51.13. Cedar Fair, L.P. has a 12 month low of $45.73 and a 12 month high of $67.35. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 2.66 and a beta of 0.57.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($1.46) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.47) by $0.01. The firm had revenue of $67.00 million during the quarter, compared to the consensus estimate of $55.14 million. Cedar Fair had a net margin of 9.29% and a negative return on equity of 1,151.68%. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.49) EPS. As a group, equities analysts forecast that Cedar Fair, L.P. will post 3.3 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Tuesday, June 4th will be paid a $0.925 dividend. This represents a $3.70 annualized dividend and a yield of 6.91%. The ex-dividend date of this dividend is Monday, June 3rd. Cedar Fair’s payout ratio is currently 122.52%.
A number of brokerages have recently weighed in on FUN. Zacks Investment Research lowered Cedar Fair from a “buy” rating to a “hold” rating in a research report on Friday, February 1st. TheStreet upgraded Cedar Fair from a “c+” rating to a “b-” rating in a research report on Thursday, January 31st. Finally, B. Riley set a $60.00 price objective on Cedar Fair and gave the company a “buy” rating in a research report on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $60.83.
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Cedar Fair 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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