Cedar Fair (NYSE:FUN) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Cedar Fair (NYSE:FUN) in a report published on Tuesday morning. The brokerage issued a hold rating on the stock.

Other research analysts have also recently issued research reports about the company. Macquarie cut their price objective on Cedar Fair from $64.00 to $60.00 and set an outperform rating for the company in a research report on Friday, August 9th. Stifel Nicolaus cut their price objective on Cedar Fair from $68.00 to $60.00 and set a buy rating for the company in a research report on Friday, August 9th. Mizuho cut their price objective on Cedar Fair from $55.00 to $52.00 and set an outperform rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. started coverage on Cedar Fair in a research report on Tuesday, August 6th. They issued an underweight rating and a $50.00 price objective for the company. Finally, Oppenheimer increased their price objective on Cedar Fair from $49.00 to $67.00 and gave the stock an outperform rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $58.82.

Cedar Fair Price Performance

Shares of NYSE FUN opened at $43.78 on Tuesday. The stock has a fifty day moving average price of $48.36 and a 200 day moving average price of $44.35. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $58.70. The company has a market cap of $2.24 billion, a PE ratio of 18.02 and a beta of 1.54.

Cedar Fair Dividend Announcement

The company also recently declared a Variable dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 28th were given a $1.53 dividend. The ex-dividend date was Friday, June 28th. Cedar Fair’s dividend payout ratio is currently 49.38%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Kestra Private Wealth Services LLC purchased a new stake in Cedar Fair during the 4th quarter worth about $1,834,000. Jump Financial LLC acquired a new position in Cedar Fair in the 4th quarter valued at about $617,000. Brown Advisory Inc. raised its stake in Cedar Fair by 1.1% in the 4th quarter. Brown Advisory Inc. now owns 94,486 shares of the company’s stock valued at $3,761,000 after purchasing an additional 1,000 shares during the last quarter. UBS Group AG raised its stake in Cedar Fair by 313.7% in the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock valued at $121,274,000 after purchasing an additional 2,310,565 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Cedar Fair by 15.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock valued at $159,553,000 after purchasing an additional 539,352 shares during the last quarter. Hedge funds and other institutional investors own 64.65% of the company’s stock.

About Cedar Fair

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. 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, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.