Wells Fargo & Company MN Cuts Stake in Cedar Fair, L.P. (FUN)
Wells Fargo & Company MN lowered its holdings in Cedar Fair, L.P. (NYSE:FUN) by 7.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 191,199 shares of the company’s stock after selling 15,420 shares during the quarter. Wells Fargo & Company MN owned 0.34% of Cedar Fair, L.P. worth $13,785,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Northwestern Mutual Investment Management Company LLC acquired a new stake in shares of Cedar Fair, L.P. in the second quarter worth $31,274,000. Private Advisor Group LLC increased its stake in shares of Cedar Fair, L.P. by 39.9% in the second quarter. Private Advisor Group LLC now owns 19,174 shares of the company’s stock worth $1,331,000 after acquiring an additional 5,466 shares during the period. Janus Capital Management LLC increased its stake in shares of Cedar Fair, L.P. by 4.4% in the first quarter. Janus Capital Management LLC now owns 625,955 shares of the company’s stock worth $42,446,000 after acquiring an additional 26,315 shares during the period. Peddock Capital Advisors LLC purchased a new stake in Cedar Fair, L.P. during the second quarter worth $144,000. Finally, Brookstone Capital Management boosted its holdings in Cedar Fair, L.P. by 21.4% during the second quarter. Brookstone Capital Management now owns 3,911 shares of the company’s stock worth $282,000 after buying an additional 689 shares in the last quarter. Hedge funds and other institutional investors own 51.46% of the company’s stock.
A number of analysts recently issued reports on the stock. Stifel Nicolaus reissued a “buy” rating and set a $78.00 price target on shares of Cedar Fair, L.P. in a report on Friday, July 7th. KeyCorp reissued an “overweight” rating and set a $74.00 price target on shares of Cedar Fair, L.P. in a report on Wednesday, August 30th. Zacks Investment Research raised shares of Cedar Fair, L.P. from a “hold” rating to a “buy” rating and set a $78.00 price target on the stock in a report on Wednesday, July 12th. BidaskClub raised shares of Cedar Fair, L.P. from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Finally, Goldman Sachs Group, Inc. (The) raised shares of Cedar Fair, L.P. from a “buy” rating to a “conviction-buy” rating and set a $81.00 price target on the stock in a report on Monday, June 19th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Cedar Fair, L.P. presently has a consensus rating of “Buy” and an average price target of $74.22.
Shares of Cedar Fair, L.P. (NYSE FUN) opened at 64.12 on Friday. The stock has a market capitalization of $3.61 billion, a P/E ratio of 26.90 and a beta of 0.50. Cedar Fair, L.P. has a one year low of $56.23 and a one year high of $72.56. The company’s 50-day moving average is $66.00 and its 200-day moving average is $68.86.
Cedar Fair, L.P. (NYSE:FUN) last issued its earnings results on Wednesday, August 2nd. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.20). The company had revenue of $392.80 million for the quarter, compared to analysts’ expectations of $405.78 million. Cedar Fair, L.P. had a return on equity of 1,048.17% and a net margin of 10.50%. Cedar Fair, L.P.’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 earnings per share. On average, equities research analysts anticipate that Cedar Fair, L.P. will post $2.87 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were given a dividend of $0.855 per share. The ex-dividend date was Friday, September 1st. This represents a $3.42 annualized dividend and a dividend yield of 5.33%. Cedar Fair, L.P.’s payout ratio is currently 144.30%.
In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 9,100 shares of the business’s stock in a transaction on Tuesday, July 11th. The shares were 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Klein bought 7,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were bought at an average price of $66.13 per share, for a total transaction of $462,910.00. Following the completion of the transaction, the director now directly owns 24,960 shares in the company, valued at approximately $1,650,604.80. The disclosure for this purchase can be found here. Insiders have sold a total of 14,100 shares of company stock worth $957,099 over the last 90 days. Insiders own 2.00% of the company’s stock.
About Cedar Fair, L.P.
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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