Raymond James & Associates Sells 4,888 Shares of Cedar Fair, L.P. (NYSE:FUN)

Posted by Defense World Staff on Nov 4th, 2023

Raymond James & Associates cut its position in Cedar Fair, L.P. (NYSE:FUN – Free Report) by 15.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,555 shares of the company’s stock after selling 4,888 shares during the quarter. Raymond James & Associates owned about 0.05% of Cedar Fair worth $1,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PenderFund Capital Management Ltd. bought a new position in shares of Cedar Fair in the first quarter valued at $41,000. Money Concepts Capital Corp bought a new position in shares of Cedar Fair in the fourth quarter valued at $26,000. Tower Research Capital LLC TRC boosted its position in Cedar Fair by 355.3% during the first quarter. Tower Research Capital LLC TRC now owns 815 shares of the company’s stock worth $38,000 after purchasing an additional 636 shares during the period. Ancora Advisors LLC boosted its position in Cedar Fair by 34.6% during the first quarter. Ancora Advisors LLC now owns 2,139 shares of the company’s stock worth $106,000 after purchasing an additional 550 shares during the period. Finally, BNP Paribas Arbitrage SNC boosted its position in Cedar Fair by 33.9% during the third quarter. BNP Paribas Arbitrage SNC now owns 2,685 shares of the company’s stock worth $110,000 after purchasing an additional 680 shares during the period. 61.81% of the stock is owned by institutional investors.

Cedar Fair Stock Up 3.9 %

FUN stock opened at $38.43 on Friday. The company has a market cap of $1.96 billion, a PE ratio of 8.43 and a beta of 1.45. The business has a 50-day simple moving average of $37.72 and a 200 day simple moving average of $39.79. Cedar Fair, L.P. has a 52 week low of $34.04 and a 52 week high of $47.95.

Cedar Fair (NYSE:FUN – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.07. Cedar Fair had a negative return on equity of 22.58% and a net margin of 14.73%. The business had revenue of $500.98 million during the quarter, compared to the consensus estimate of $502.70 million. During the same quarter in the previous year, the firm earned $0.89 earnings per share. On average, analysts anticipate that Cedar Fair, L.P. will post 2.28 EPS for the current fiscal year.

Cedar Fair Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Tuesday, December 5th. Cedar Fair’s dividend payout ratio is presently 26.32%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FUN shares. The Goldman Sachs Group reduced their price objective on shares of Cedar Fair from $50.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, July 24th. Morgan Stanley lifted their price objective on shares of Cedar Fair from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday. B. Riley dropped their target price on Cedar Fair from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 18th. Stifel Nicolaus dropped their target price on Cedar Fair from $54.00 to $51.00 and set a “buy” rating for the company in a report on Friday, August 4th. Finally, Truist Financial dropped their target price on Cedar Fair from $46.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, October 24th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Cedar Fair has a consensus rating of “Moderate Buy” and an average target price of $49.00.

Get Our Latest Research Report on Cedar Fair

Cedar Fair Company Profile

(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.