Cedar Fair (NYSE:FUN) Earns Outperform Rating from Macquarie

Macquarie reissued their outperform rating on shares of Cedar Fair (NYSE:FUN) in a report published on Thursday,Benzinga reports. Macquarie currently has a $55.00 price target on the stock.

FUN has been the subject of several other research reports. Guggenheim assumed coverage on shares of Cedar Fair in a report on Tuesday, October 29th. They issued a “buy” rating and a $52.00 price target for the company. 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. Oppenheimer lowered their price objective on Cedar Fair from $67.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, October 15th. Truist Financial reduced their target price on Cedar Fair from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, October 21st. Finally, StockNews.com started coverage on Cedar Fair in a research note on Wednesday, September 4th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.69.

Cedar Fair Stock Performance

Shares of FUN traded down $0.15 during trading hours on Thursday, hitting $45.44. The stock had a trading volume of 1,496,992 shares, compared to its average volume of 1,468,792. The firm has a 50-day moving average price of $40.64 and a 200 day moving average price of $44.20. Cedar Fair has a fifty-two week low of $35.93 and a fifty-two week high of $58.70. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of 18.40 and a beta of 1.55. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.39 and a current ratio of 0.64.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. The company had revenue of $571.62 million for the quarter, compared to the consensus estimate of $525.57 million. Cedar Fair had a return on equity of 85.04% and a net margin of 2.01%. As a group, research analysts anticipate that Cedar Fair will post 1.99 EPS for the current year.

Hedge Funds Weigh In On Cedar Fair

Institutional investors and hedge funds have recently bought and sold shares of the company. S.A. Mason LLC grew its holdings in shares of Cedar Fair by 63.1% during the 3rd quarter. S.A. Mason LLC now owns 993 shares of the company’s stock worth $40,000 after purchasing an additional 384 shares during the period. CWM LLC raised its holdings in Cedar Fair by 932.0% in the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after buying an additional 1,864 shares during the period. Benjamin F. Edwards & Company Inc. lifted its position in Cedar Fair by 94.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after buying an additional 1,400 shares during the last quarter. Brookstone Capital Management purchased a new position in Cedar Fair during the second quarter worth about $215,000. Finally, Thrive Wealth Management LLC acquired a new stake in shares of Cedar Fair during the second quarter valued at about $252,000. 64.65% of the stock is currently owned by institutional investors and hedge funds.

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.