Cedar Fair, L.P. (FUN) Shares Bought by JPMorgan Chase & Co.
JPMorgan Chase & Co. grew its position in shares of Cedar Fair, L.P. (NYSE:FUN) by 58.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 111,370 shares of the company’s stock after acquiring an additional 41,034 shares during the period. JPMorgan Chase & Co. owned about 0.20% of Cedar Fair, L.P. worth $8,030,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of FUN. Solaris Asset Management LLC raised its position in shares of Cedar Fair, L.P. by 8.4% in the 2nd quarter. Solaris Asset Management LLC now owns 1,545 shares of the company’s stock worth $111,000 after acquiring an additional 120 shares in the last quarter. Peddock Capital Advisors LLC purchased a new position in shares of Cedar Fair, L.P. in the 2nd quarter valued at approximately $144,000. Anchor Capital Advisors LLC purchased a new position in shares of Cedar Fair, L.P. in the 1st quarter valued at approximately $203,000. Kayne Anderson Capital Advisors LP purchased a new position in shares of Cedar Fair, L.P. in the 2nd quarter valued at approximately $216,000. Finally, Capital Advisors Ltd. LLC lifted its stake in shares of Cedar Fair, L.P. by 0.7% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 3,084 shares of the company’s stock valued at $222,000 after purchasing an additional 21 shares during the period. Hedge funds and other institutional investors own 51.46% of the company’s stock.
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In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 9,100 shares of the stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $68.89, for a total transaction of $626,899.00. Following the sale, the chief executive officer now directly owns 200,799 shares in the company, valued at approximately $13,833,043.11. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas Klein bought 7,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were acquired at an average price of $66.13 per share, for a total transaction of $462,910.00. Following the completion of the purchase, the director now owns 24,960 shares in the company, valued at approximately $1,650,604.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 14,100 shares of company stock valued at $957,099. 2.00% of the stock is owned by company insiders.
Several equities research analysts recently weighed in on FUN shares. BidaskClub lowered Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Zacks Investment Research upgraded Cedar Fair, L.P. from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a report on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $81.00 price objective on shares of Cedar Fair, L.P. in a report on Tuesday, July 4th. Stifel Nicolaus reissued a “buy” rating and set a $78.00 price objective on shares of Cedar Fair, L.P. in a research report on Friday, July 7th. Finally, FBR & Co reissued a “buy” rating on shares of Cedar Fair, L.P. in a research report on Thursday, September 7th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $74.22.
Shares of Cedar Fair, L.P. (FUN) opened at 64.12 on Monday. Cedar Fair, L.P. has a 1-year low of $56.23 and a 1-year high of $72.56. The company has a 50 day moving average price of $66.00 and a 200 day moving average price of $68.86. The stock has a market cap of $3.61 billion, a P/E ratio of 26.90 and a beta of 0.48.
Cedar Fair, L.P. (NYSE:FUN) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported $0.82 EPS for the quarter, missing the Zacks’ consensus estimate of $1.02 by ($0.20). The firm had revenue of $392.80 million for the quarter, compared to analysts’ expectations of $405.78 million. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 EPS. On average, equities analysts anticipate that Cedar Fair, L.P. will post $2.87 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, September 6th were issued a $0.855 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $3.42 dividend on an annualized basis and a yield of 5.33%. Cedar Fair, L.P.’s payout ratio is currently 144.30%.
Cedar Fair, L.P. 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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