Thomas Klein Buys 20,000 Shares of Cedar Fair, L.P. (FUN) Stock

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Cedar Fair, L.P. (NYSE:FUN) Director Thomas Klein bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The shares were acquired at an average price of $50.98 per share, with a total value of $1,019,600.00. Following the completion of the transaction, the director now directly owns 56,012 shares of the company’s stock, valued at approximately $2,855,491.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Shares of NYSE:FUN opened at $52.27 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.94 and a debt-to-equity ratio of 18.09. Cedar Fair, L.P. has a 1-year low of $47.90 and a 1-year high of $70.82. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 3.15 and a beta of 0.31.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $3.76 earnings per share for the quarter, beating the consensus estimate of $3.21 by $0.55. Cedar Fair had a net margin of 15.58% and a return on equity of 1,656.35%. The business had revenue of $663.70 million for the quarter, compared to the consensus estimate of $659.45 million. During the same quarter in the previous year, the firm earned $3.38 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities research analysts predict that Cedar Fair, L.P. will post 2.79 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Tuesday, December 4th will be issued a dividend of $0.925 per share. The ex-dividend date of this dividend is Monday, December 3rd. This represents a $3.70 annualized dividend and a yield of 7.08%. This is an increase from Cedar Fair’s previous quarterly dividend of $0.89. Cedar Fair’s payout ratio is currently 87.90%.

Several hedge funds have recently added to or reduced their stakes in FUN. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Cedar Fair by 61.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,934 shares of the company’s stock worth $153,000 after buying an additional 1,116 shares in the last quarter. Edge Wealth Management LLC purchased a new position in shares of Cedar Fair in the third quarter worth $154,000. Columbia Asset Management purchased a new position in shares of Cedar Fair in the third quarter worth $154,000. Pennsylvania Trust Co purchased a new position in shares of Cedar Fair in the second quarter worth $238,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Cedar Fair in the third quarter worth $250,000. 51.37% of the stock is currently owned by hedge funds and other institutional investors.

FUN has been the subject of several recent research reports. Goldman Sachs Group lowered shares of Cedar Fair from a “buy” rating to a “neutral” rating in a research report on Thursday, July 12th. Zacks Investment Research lowered shares of Cedar Fair from a “hold” rating to a “sell” rating in a research report on Thursday, July 12th. Macquarie downgraded shares of Cedar Fair from an “outperform” rating to a “neutral” rating in a report on Friday, July 13th. B. Riley lowered their price target on shares of Cedar Fair from $79.00 to $70.00 and set a “$59.25” rating on the stock in a report on Thursday, July 19th. Finally, ValuEngine downgraded shares of Cedar Fair from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Cedar Fair has an average rating of “Hold” and a consensus target price of $65.00.

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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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