Cedar Fair, L.P. (NYSE:FUN) declared a quarterly dividend on Friday, November 3rd, Wall Street Journal reports. Investors of record on Monday, December 4th will be given a dividend of 0.89 per share on Friday, December 15th. This represents a $3.56 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date of this dividend is Friday, December 1st. This is a boost from Cedar Fair’s previous quarterly dividend of $0.86.
Cedar Fair has increased its dividend by an average of 8.9% per year over the last three years and has increased its dividend every year for the last 4 years. Cedar Fair has a payout ratio of 118.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Cedar Fair to earn $3.34 per share next year, which means the company may not be able to cover its $3.56 annual dividend with an expected future payout ratio of 106.6%.
Cedar Fair (NYSE FUN) opened at $67.02 on Friday. The firm has a market cap of $3,769.07, a PE ratio of 22.72, a P/E/G ratio of 3.72 and a beta of 0.51. Cedar Fair has a 52-week low of $59.31 and a 52-week high of $72.56. The company has a debt-to-equity ratio of 22.05, a quick ratio of 1.06 and a current ratio of 1.18.
Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.56 by ($0.18). The business had revenue of $652.69 million for the quarter, compared to analyst estimates of $652.98 million. Cedar Fair had a return on equity of 2,430.22% and a net margin of 11.75%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.10 earnings per share. analysts anticipate that Cedar Fair will post 3 EPS for the current fiscal year.
Several equities analysts have weighed in on FUN shares. Zacks Investment Research lowered shares of Cedar Fair from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Goldman Sachs Group Inc lowered shares of Cedar Fair from a “conviction-buy” rating to a “buy” rating and set a $75.00 target price on the stock. in a report on Wednesday, October 4th. BidaskClub lowered shares of Cedar Fair from a “hold” rating to a “sell” rating in a report on Monday, July 31st. FBR & Co reiterated a “buy” rating on shares of Cedar Fair in a report on Thursday, September 7th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $74.00 target price (down from $75.00) on shares of Cedar Fair in a report on Thursday, September 7th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $74.38.
In other news, CEO Matthew A. Ouimet sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $66.40, for a total value of $265,600.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Matthew A. Ouimet sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $64.90, for a total transaction of $129,800.00. Following the completion of the transaction, the chief executive officer now owns 193,199 shares in the company, valued at $12,538,615.10. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
An institutional investor recently raised its position in Cedar Fair stock. The Manufacturers Life Insurance Company increased its holdings in shares of Cedar Fair, L.P. (NYSE:FUN) by 6.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,718 shares of the company’s stock after buying an additional 108 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Cedar Fair were worth $124,000 at the end of the most recent quarter. 52.81% of the stock is currently owned by institutional investors.
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Cedar Fair Company Profile
Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.
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