Cedar Fair (NYSE:FUN) Price Target Cut to $60.00 by Analysts at Oppenheimer

Cedar Fair (NYSE:FUN) had its price target dropped by stock analysts at Oppenheimer from $67.00 to $60.00 in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 52.79% from the company’s current price.

Several other brokerages also recently commented on FUN. JPMorgan Chase & Co. dropped their price objective on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Citigroup cut their price objective on Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Stifel Nicolaus cut their price objective on shares of Cedar Fair from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, StockNews.com initiated coverage on Cedar Fair in a report on Wednesday, September 4th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.33.

Cedar Fair Trading Up 3.2 %

Shares of Cedar Fair stock opened at $39.27 on Tuesday. The company has a market cap of $2.01 billion, a P/E ratio of 16.16 and a beta of 1.55. The stock has a 50-day moving average price of $41.63 and a 200 day moving average price of $44.06. Cedar Fair has a 1 year low of $34.04 and a 1 year high of $58.70.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. The company had revenue of $571.62 million during the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. On average, equities analysts forecast that Cedar Fair will post 2.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cedar Fair

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Torno Capital LLC purchased a new position in shares of Cedar Fair in the second quarter worth approximately $4,413,000. Brookstone Capital Management bought a new stake in Cedar Fair in the 2nd quarter worth approximately $215,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cedar Fair by 26.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock worth $418,000 after acquiring an additional 1,620 shares in the last quarter. CWM LLC boosted its position in shares of Cedar Fair by 932.0% during the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after acquiring an additional 1,864 shares during the last quarter. Finally, Cetera Advisors LLC grew its holdings in shares of Cedar Fair by 10.9% in the first quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock valued at $288,000 after purchasing an additional 675 shares in the last quarter. 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.