Zacks Investment Research cut shares of Cedar Fair (NYSE:FUN) from a buy rating to a hold rating in a report issued on Monday morning.
According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “
FUN has been the topic of a number of other reports. ValuEngine raised Cedar Fair from a sell rating to a hold rating in a report on Tuesday, November 27th. SunTrust Banks reaffirmed a hold rating and set a $54.00 price target on shares of Cedar Fair in a report on Monday, December 24th. Finally, TheStreet upgraded Cedar Fair from a c+ rating to a b- rating in a research report on Thursday, January 31st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Cedar Fair currently has an average rating of Hold and an average target price of $61.33.
Shares of NYSE:FUN opened at $52.79 on Monday. The firm has a market cap of $3.04 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 2.77 and a beta of 0.62. The company has a debt-to-equity ratio of 18.09, a quick ratio of 0.94 and a current ratio of 1.07. Cedar Fair has a 1 year low of $45.73 and a 1 year high of $70.82.
In related news, CEO Richard Zimmerman purchased 6,000 shares of Cedar Fair stock in a transaction on Wednesday, December 19th. The stock was acquired at an average price of $48.92 per share, for a total transaction of $293,520.00. Following the completion of the transaction, the chief executive officer now directly owns 166,684 shares in the company, valued at approximately $8,154,181.28. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. CWM LLC purchased a new stake in shares of Cedar Fair during the fourth quarter worth about $65,000. First Manhattan Co. boosted its stake in Cedar Fair by 166.7% during the fourth quarter. First Manhattan Co. now owns 1,600 shares of the company’s stock valued at $75,000 after buying an additional 1,000 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Cedar Fair by 61.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,934 shares of the company’s stock valued at $153,000 after buying an additional 1,116 shares during the last quarter. Edge Wealth Management LLC bought a new position in Cedar Fair during the third quarter valued at approximately $154,000. Finally, Columbia Asset Management bought a new position in Cedar Fair during the third quarter valued at approximately $154,000. Hedge funds and other institutional investors own 51.33% 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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