Cedar Fair, L.P. (fun) to Issue Quarterly Dividend of $0.86 on December 15th
Cedar Fair, L.P. (NYSE:fun) announced a quarterly dividend on Thursday, November 3rd. Investors of record on Monday, December 5th will be paid a dividend of 0.855 per share on Thursday, December 15th. This represents a $3.42 annualized dividend and a dividend yield of 5.61%. The ex-dividend date of this dividend is Thursday, December 1st. This is a positive change from Cedar Fair, L.P.’s previous quarterly dividend of $0.83.
Shares of Cedar Fair, L.P. (NYSE:FUN) opened at 60.98 on Wednesday. Cedar Fair, L.P. has a 52 week low of $48.46 and a 52 week high of $63.40. The company has a 50 day moving average of $58.56 and a 200 day moving average of $58.87. The firm has a market cap of $3.42 billion, a PE ratio of 21.76 and a beta of 0.72.
Cedar Fair, L.P. (NYSE:FUN) last issued its earnings results on Wednesday, November 2nd. The company reported $3.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.54 by $0.44. The business had revenue of $650.30 million for the quarter, compared to the consensus estimate of $30 million. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the business earned $2.92 earnings per share. On average, equities research analysts anticipate that Cedar Fair, L.P. will post $3.46 EPS for the current fiscal year.
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In related news, CAO David R. Hoffman sold 7,043 shares of the stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $60.63, for a total value of $427,017.09. Following the completion of the transaction, the chief accounting officer now owns 36,611 shares in the company, valued at approximately $2,219,724.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Milkie Duffield sold 6,374 shares of the stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $60.84, for a total transaction of $387,794.16. Following the completion of the transaction, the vice president now owns 56,550 shares of the company’s stock, valued at approximately $3,440,502. The disclosure for this sale can be found here.
Institutional investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. raised its position in shares of Cedar Fair, L.P. by 193.1% in the second quarter. 1832 Asset Management L.P. now owns 377,333 shares of the company’s stock worth $36,621,000 after buying an additional 248,600 shares in the last quarter. Osterweis Capital Management Inc. bought a new position in shares of Cedar Fair, L.P. during the second quarter worth about $9,303,000. FMR LLC raised its position in shares of Cedar Fair, L.P. by 4.3% in the second quarter. FMR LLC now owns 1,682,622 shares of the company’s stock worth $97,289,000 after buying an additional 68,850 shares in the last quarter. Clinton Group Inc. bought a new position in shares of Cedar Fair, L.P. during the second quarter worth about $2,317,000. Finally, Deere & Co. raised its position in shares of Cedar Fair, L.P. by 615.9% in the second quarter. Deere & Co. now owns 24,876 shares of the company’s stock worth $1,438,000 after buying an additional 21,401 shares in the last quarter.
A number of analysts have weighed in on FUN shares. Janney Montgomery Scott reissued a “buy” rating and set a $68.00 target price on shares of Cedar Fair, L.P. in a report on Thursday, September 1st. FBR & Co reissued a “buy” rating on shares of Cedar Fair, L.P. in a report on Thursday, September 8th. Credit Suisse Group AG set a $67.00 target price on shares of Cedar Fair, L.P. and gave the stock a “buy” rating in a report on Monday, September 12th. Wedbush cut shares of Cedar Fair, L.P. from an “outperform” rating to a “neutral” rating in a report on Friday, September 23rd. Finally, Zacks Investment Research cut shares of Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a report on Monday, October 10th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $64.83.
About Cedar Fair, L.P.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns approximately 10 amusement parks, three outdoor water parks, an indoor water park and five hotels. The Company operates through amusement/water parks with accompanying resort facilities segment. Its amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada’s Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (Dorney Park), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St.
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