Cedar Fair, L.P. (NYSE:FUN) – Research analysts at B. Riley reduced their Q2 2021 earnings estimates for Cedar Fair in a report issued on Monday, March 23rd. B. Riley analyst E. Wold now expects that the company will post earnings of $1.14 per share for the quarter, down from their previous forecast of $1.23. B. Riley has a “Neutral” rating and a $22.00 price objective on the stock. B. Riley also issued estimates for Cedar Fair’s Q3 2021 earnings at $3.35 EPS and Q4 2021 earnings at $0.06 EPS.
Cedar Fair (NYSE:FUN) last issued its earnings results on Wednesday, February 19th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.09). The company had revenue of $257.25 million for the quarter, compared to analysts’ expectations of $267.47 million. Cedar Fair had a net margin of 11.69% and a negative return on equity of 395.23%.
FUN has been the subject of several other reports. ValuEngine upgraded Cedar Fair from a “sell” rating to a “hold” rating in a report on Tuesday. TheStreet downgraded Cedar Fair from a “b-” rating to a “c” rating in a report on Wednesday, February 19th. Finally, Zacks Investment Research downgraded Cedar Fair from a “hold” rating to a “sell” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $55.00.
FUN stock opened at $25.01 on Wednesday. The company has a debt-to-equity ratio of 50.48, a current ratio of 0.91 and a quick ratio of 0.81. The business has a 50-day moving average price of $39.60 and a 200 day moving average price of $51.81. The company has a market capitalization of $1.24 billion, a P/E ratio of 8.31, a PEG ratio of 0.97 and a beta of 0.70. Cedar Fair has a 1-year low of $13.00 and a 1-year high of $64.86.
Institutional investors have recently made changes to their positions in the business. Firestone Capital Management bought a new position in Cedar Fair in the fourth quarter worth about $39,000. Lighthouse Financial Advisors Inc. bought a new position in Cedar Fair in the fourth quarter worth about $41,000. Northwestern Mutual Wealth Management Co. raised its holdings in Cedar Fair by 68.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 897 shares of the company’s stock worth $50,000 after purchasing an additional 364 shares in the last quarter. S.A. Mason LLC bought a new position in Cedar Fair in the fourth quarter worth about $62,000. Finally, Tower Research Capital LLC TRC bought a new position in Cedar Fair in the third quarter worth about $71,000. Institutional investors and hedge funds own 50.38% of the company’s stock.
In other news, EVP Craig Heckman bought 1,000 shares of Cedar Fair stock in a transaction on Tuesday, March 10th. The stock was acquired at an average cost of $31.78 per share, for a total transaction of $31,780.00. Also, VP Milkie Duffield bought 5,390 shares of Cedar Fair stock in a transaction on Friday, March 6th. The stock was purchased at an average price of $37.58 per share, with a total value of $202,556.20. Insiders purchased 28,130 shares of company stock valued at $1,008,559 over the last 90 days. 2.20% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 17th. Investors of record on Wednesday, March 4th were issued a $0.935 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $3.74 annualized dividend and a dividend yield of 14.95%. Cedar Fair’s payout ratio is currently 121.43%.
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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