Cedar Fair, L.P. (NYSE:FUN – Get Rating) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 4,750,000 shares, a decline of 9.7% from the August 31st total of 5,260,000 shares. Currently, 9.3% of the shares of the company are sold short. Based on an average daily trading volume, of 402,900 shares, the short-interest ratio is currently 11.8 days.
Cedar Fair Stock Performance
Shares of FUN stock traded up $0.56 during midday trading on Friday, reaching $41.15. 168,169 shares of the company were exchanged, compared to its average volume of 336,494. Cedar Fair has a 12 month low of $37.78 and a 12 month high of $62.56. The company has a market cap of $2.35 billion, a P/E ratio of 28.38 and a beta of 1.67. The company’s 50 day moving average price is $42.58 and its two-hundred day moving average price is $46.32.
Cedar Fair (NYSE:FUN – Get Rating) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.58). Cedar Fair had a negative return on equity of 12.62% and a net margin of 4.85%. The company had revenue of $509.49 million for the quarter, compared to the consensus estimate of $530.50 million. As a group, sell-side analysts predict that Cedar Fair will post 3.18 earnings per share for the current year.
Cedar Fair Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.92%. Cedar Fair’s dividend payout ratio (DPR) is 82.76%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on FUN shares. Truist Financial decreased their price target on shares of Cedar Fair from $67.00 to $58.00 in a report on Thursday, August 4th. TheStreet raised shares of Cedar Fair from a “d+” rating to a “c” rating in a report on Wednesday, August 3rd. Credit Suisse Group decreased their price target on shares of Cedar Fair from $89.00 to $74.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. StockNews.com lowered shares of Cedar Fair from a “buy” rating to a “hold” rating in a research note on Monday, September 26th. Finally, B. Riley reduced their target price on shares of Cedar Fair from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, June 21st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.00.
Institutional Trading of Cedar Fair
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Waratah Capital Advisors Ltd. raised its holdings in shares of Cedar Fair by 234.1% in the 4th quarter. Waratah Capital Advisors Ltd. now owns 1,678,829 shares of the company’s stock worth $84,042,000 after purchasing an additional 1,176,362 shares in the last quarter. UBS Group AG raised its holdings in shares of Cedar Fair by 112.4% in the 1st quarter. UBS Group AG now owns 1,407,705 shares of the company’s stock worth $77,142,000 after purchasing an additional 745,056 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Cedar Fair by 117.9% in the 1st quarter. Invesco Ltd. now owns 1,226,084 shares of the company’s stock worth $67,190,000 after purchasing an additional 663,373 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Cedar Fair by 2,007.0% in the 1st quarter. Citigroup Inc. now owns 503,468 shares of the company’s stock worth $27,590,000 after purchasing an additional 479,573 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Cedar Fair by 32.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,064,224 shares of the company’s stock worth $46,730,000 after purchasing an additional 261,527 shares in the last quarter. 67.79% of the stock is currently owned by institutional investors.
Cedar Fair Company Profile
Cedar Fair, L.P. owns and operates amusement and water parks, and complementary resort facilities in the United States and Canada. 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.
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