Cedar Fair, L.P. (NYSE:FUN) announced a quarterly dividend on Wednesday, October 31st, Wall Street Journal reports. Shareholders of record on Tuesday, December 4th will be paid a dividend of 0.925 per share on Monday, December 17th. This represents a $3.70 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date is Monday, December 3rd. This is a boost from Cedar Fair’s previous quarterly dividend of $0.89.
Cedar Fair has raised its dividend payment by an average of 6.6% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Cedar Fair has a payout ratio of 165.2% 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 $3.16 per share next year, which means the company may not be able to cover its $3.70 annual dividend with an expected future payout ratio of 117.1%.
NYSE FUN traded down $0.31 during trading on Wednesday, reaching $51.26. 291,995 shares of the company’s stock were exchanged, compared to its average volume of 178,261. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 3.78 and a beta of 0.34. Cedar Fair has a 1 year low of $47.90 and a 1 year high of $70.82.
Several analysts have recently weighed in on the company. Wedbush set a $58.00 target price on Cedar Fair and gave the company a “buy” rating in a report on Thursday, August 2nd. Macquarie downgraded Cedar Fair from an “outperform” rating to a “neutral” rating in a report on Friday, July 13th. ValuEngine downgraded Cedar Fair from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Stifel Nicolaus reduced their target price on Cedar Fair from $72.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, August 2nd. Finally, KeyCorp reduced their target price on Cedar Fair from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $65.00.
In other news, Director Thomas Klein bought 10,000 shares of Cedar Fair stock in a transaction dated Monday, August 6th. The stock was acquired at an average cost of $51.17 per share, with a total value of $511,700.00. Following the acquisition, the director now owns 36,012 shares of the company’s stock, valued at $1,842,734.04. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by insiders.
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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