Cedar Fair, L.P. (NYSE:FUN) – Research analysts at KeyCorp reduced their FY2019 EPS estimates for Cedar Fair in a research note issued to investors on Tuesday, October 30th. KeyCorp analyst B. Andress now forecasts that the company will earn $3.40 per share for the year, down from their previous estimate of $3.50. KeyCorp currently has a “Overweight” rating and a $70.00 target price on the stock.
Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $3.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.55. The business had revenue of $663.70 million for the quarter, compared to the consensus estimate of $659.45 million. Cedar Fair had a net margin of 15.58% and a negative return on equity of 1,747.45%. Cedar Fair’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company posted $3.38 earnings per share.
Shares of Cedar Fair stock opened at $51.48 on Thursday. The firm has a market capitalization of $2.91 billion, a PE ratio of 12.71, a P/E/G ratio of 3.80 and a beta of 0.34. Cedar Fair has a 1 year low of $47.90 and a 1 year high of $70.82.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Tuesday, December 4th will be paid a dividend of $0.925 per share. The ex-dividend date of this dividend is Monday, December 3rd. This represents a $3.70 dividend on an annualized basis and a yield of 7.19%. This is an increase from Cedar Fair’s previous quarterly dividend of $0.89. Cedar Fair’s payout ratio is currently 87.90%.
In other Cedar Fair news, Director Thomas Klein purchased 10,000 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were purchased at an average price of $51.17 per share, for a total transaction of $511,700.00. Following the completion of the purchase, the director now directly owns 36,012 shares of the company’s stock, valued at $1,842,734.04. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its stake in Cedar Fair by 8.3% during the second quarter. Janus Henderson Group PLC now owns 2,257,464 shares of the company’s stock worth $142,243,000 after buying an additional 173,139 shares in the last quarter. Morgan Stanley boosted its stake in Cedar Fair by 53.2% during the second quarter. Morgan Stanley now owns 898,990 shares of the company’s stock worth $56,645,000 after buying an additional 312,338 shares in the last quarter. Epoch Investment Partners Inc. boosted its stake in Cedar Fair by 6.4% during the second quarter. Epoch Investment Partners Inc. now owns 458,166 shares of the company’s stock worth $28,869,000 after buying an additional 27,647 shares in the last quarter. Overbrook Management Corp boosted its stake in Cedar Fair by 6.1% during the second quarter. Overbrook Management Corp now owns 450,679 shares of the company’s stock worth $28,397,000 after buying an additional 25,858 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado boosted its stake in Cedar Fair by 38.7% during the third quarter. Public Employees Retirement Association of Colorado now owns 344,046 shares of the company’s stock worth $17,918,000 after buying an additional 96,000 shares in the last quarter. Hedge funds and other institutional investors own 51.13% of the company’s stock.
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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