Cedar Fair, L.P. (NYSE:FUN) Short Interest Down 7.5% in November
Cedar Fair, L.P. (NYSE:FUN – Get Free Report) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,360,000 shares, a decline of 7.5% from the October 31st total of 2,550,000 shares. Based on an average daily volume of 233,800 shares, the days-to-cover ratio is currently 10.1 days. Approximately 5.2% of the company’s shares are short sold.
Cedar Fair Stock Up 0.7 %
Shares of FUN stock traded up $0.27 during trading on Monday, reaching $39.49. The company’s stock had a trading volume of 237,259 shares, compared to its average volume of 220,862. The business has a fifty day moving average price of $37.23 and a 200-day moving average price of $39.26. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 13.57 and a beta of 1.44. Cedar Fair has a one year low of $34.04 and a one year high of $47.95.
Cedar Fair (NYSE:FUN – Get Free Report) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.70 by $0.51. Cedar Fair had a net margin of 8.19% and a negative return on equity of 22.33%. The firm had revenue of $842.01 million for the quarter, compared to analyst estimates of $821.16 million. Research analysts anticipate that Cedar Fair will post 2.85 EPS for the current year.
Cedar Fair Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $1.20 annualized dividend and a dividend yield of 3.04%. Cedar Fair’s dividend payout ratio (DPR) is presently 41.24%.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on FUN. Stifel Nicolaus decreased their price objective on shares of Cedar Fair from $51.00 to $49.00 and set a “buy” rating for the company in a report on Wednesday, November 22nd. Morgan Stanley boosted their price objective on shares of Cedar Fair from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, November 3rd. Macquarie decreased their price objective on shares of Cedar Fair from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Monday, August 21st. Citigroup upgraded shares of Cedar Fair from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $46.00 in a report on Friday, November 3rd. Finally, B. Riley reduced their price target on shares of Cedar Fair from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Cedar Fair presently has an average rating of “Moderate Buy” and an average target price of $48.82.
Read Our Latest Stock Report on FUN
Hedge Funds Weigh In On Cedar Fair
Several institutional investors and hedge funds have recently modified their holdings of the business. Aurora Investment Counsel acquired a new position in shares of Cedar Fair in the third quarter valued at about $2,142,000. Impala Asset Management LLC grew its stake in shares of Cedar Fair by 21.9% in the third quarter. Impala Asset Management LLC now owns 379,040 shares of the company’s stock valued at $14,024,000 after acquiring an additional 68,150 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Cedar Fair by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock valued at $124,718,000 after acquiring an additional 1,130,439 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Cedar Fair in the third quarter valued at about $25,215,000. Finally, Stifel Financial Corp grew its stake in shares of Cedar Fair by 7.6% in the third quarter. Stifel Financial Corp now owns 18,117 shares of the company’s stock valued at $670,000 after acquiring an additional 1,275 shares in the last quarter. 61.81% of the stock is currently owned by institutional investors and hedge funds.
Cedar Fair Company Profile (Get Free Report)
Cedar Fair, L.P. owns and operates amusement and water parks, and complementary resort facilities in the United States and Canada. 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.
Further Reading
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Original: MarketBeat News Feed: Cedar Fair, L.P. (NYSE:FUN) Short Interest Down 7.5% in November