Cedar Fair, L.P. to Post Q2 2023 Earnings of $0.99 Per Share, KeyCorp Forecasts (NYSE:FUN)

Posted by on Jul 16th, 2023

Cedar Fair, L.P. (NYSE:FUN – Free Report) – KeyCorp lowered their Q2 2023 earnings estimates for Cedar Fair in a report issued on Wednesday, July 12th. KeyCorp analyst R. Aurand now forecasts that the company will post earnings of $0.99 per share for the quarter, down from their previous estimate of $1.13. KeyCorp currently has a “Overweight” rating and a $54.00 target price on the stock. The consensus estimate for Cedar Fair’s current full-year earnings is $3.17 per share. KeyCorp also issued estimates for Cedar Fair’s FY2023 earnings at $2.95 EPS.

Cedar Fair (NYSE:FUN – Get Free Report) last released its earnings results on Thursday, May 4th. The company reported ($2.61) EPS for the quarter, missing the consensus estimate of ($1.91) by ($0.70). Cedar Fair had a negative return on equity of 22.47% and a net margin of 14.51%. The company had revenue of $84.55 million during the quarter, compared to analysts’ expectations of $101.23 million.

Other equities research analysts have also recently issued research reports about the stock. Citigroup cut shares of Cedar Fair from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $50.00 to $41.00 in a research report on Friday, July 7th. Morgan Stanley started coverage on shares of Cedar Fair in a research report on Thursday, April 20th. They issued an “overweight” rating and a $53.00 price target on the stock. StockNews.com upgraded shares of Cedar Fair from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. The Goldman Sachs Group started coverage on shares of Cedar Fair in a research report on Wednesday, May 31st. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Truist Financial reduced their price target on shares of Cedar Fair from $54.00 to $50.00 in a research report on Friday, May 5th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.50.

Cedar Fair Stock Performance

Shares of FUN opened at $37.50 on Friday. The company’s fifty day moving average is $41.97 and its 200 day moving average is $42.94. Cedar Fair has a fifty-two week low of $37.17 and a fifty-two week high of $47.95. The stock has a market capitalization of $1.92 billion, a PE ratio of 8.52 and a beta of 1.39.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FUN. Natixis grew its holdings in shares of Cedar Fair by 100.0% in the fourth quarter. Natixis now owns 3,071,600 shares of the company’s stock worth $126,980,000 after purchasing an additional 1,535,800 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Cedar Fair by 36.8% in the first quarter. Bank of America Corp DE now owns 3,516,915 shares of the company’s stock worth $160,688,000 after purchasing an additional 946,782 shares during the last quarter. UBS Group AG grew its holdings in shares of Cedar Fair by 112.4% in the first quarter. UBS Group AG now owns 1,407,705 shares of the company’s stock worth $77,142,000 after purchasing an additional 745,056 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Cedar Fair in the fourth quarter worth about $30,633,000. Finally, Invesco Ltd. lifted its stake in Cedar Fair by 117.9% in the first quarter. Invesco Ltd. now owns 1,226,084 shares of the company’s stock worth $67,190,000 after acquiring an additional 663,373 shares during the period. 64.75% of the stock is currently owned by institutional investors.

Cedar Fair Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 21st. Shareholders of record on Wednesday, June 7th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Tuesday, June 6th. Cedar Fair’s dividend payout ratio (DPR) is 27.21%.

About Cedar Fair

(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.

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Earnings History and Estimates for Cedar Fair (NYSE:FUN)

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