Cedar Fair, L.P. (FUN) Posts Earnings Results, Misses Expectations By $0.20 EPS

Cedar Fair, L.P. (NYSE:FUN) posted its earnings results on Wednesday, August 2nd. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.02 by $0.20, Morningstar.com reports. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. The firm had revenue of $392.80 million during the quarter, compared to analyst estimates of $405.78 million. During the same period in the previous year, the company posted $1.03 EPS. Cedar Fair, L.P.’s revenue for the quarter was up 1.2% compared to the same quarter last year.

Shares of Cedar Fair, L.P. (FUN) traded up 0.20% during midday trading on Friday, hitting $64.38. The company had a trading volume of 174,037 shares. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 27.01 and a beta of 0.50. The company’s 50-day moving average price is $69.15 and its 200 day moving average price is $68.62. Cedar Fair, L.P. has a 12-month low of $56.23 and a 12-month high of $72.56.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be paid a $0.855 dividend. This represents a $3.42 annualized dividend and a dividend yield of 5.31%. The ex-dividend date of this dividend is Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio (DPR) is currently 144.30%.

In other Cedar Fair, L.P. news, CEO Matthew A. Ouimet sold 12,000 shares of the firm’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $71.20, for a total value of $854,400.00. Following the completion of the transaction, the chief executive officer now directly owns 207,299 shares of the company’s stock, valued at approximately $14,759,688.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas Klein purchased 7,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was purchased at an average cost of $66.13 per share, with a total value of $462,910.00. Following the completion of the acquisition, the director now owns 24,960 shares in the company, valued at $1,650,604.80. The disclosure for this purchase can be found here. Insiders sold a total of 36,100 shares of company stock valued at $2,533,549 over the last quarter. 2.00% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in FUN. Advisory Services Network LLC purchased a new position in shares of Cedar Fair, L.P. during the first quarter valued at approximately $102,000. Solaris Asset Management LLC increased its position in shares of Cedar Fair, L.P. by 8.4% in the second quarter. Solaris Asset Management LLC now owns 1,545 shares of the company’s stock valued at $111,000 after buying an additional 120 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of Cedar Fair, L.P. during the second quarter valued at approximately $123,000. Peddock Capital Advisors LLC purchased a new position in shares of Cedar Fair, L.P. during the second quarter valued at approximately $144,000. Finally, Dubuque Bank & Trust Co. purchased a new position in shares of Cedar Fair, L.P. during the first quarter valued at approximately $188,000. 51.77% of the stock is owned by hedge funds and other institutional investors.

FUN has been the topic of several research reports. Zacks Investment Research downgraded Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Stifel Nicolaus initiated coverage on Cedar Fair, L.P. in a research report on Thursday, April 20th. They issued a “buy” rating and a $78.00 target price on the stock. BidaskClub downgraded Cedar Fair, L.P. from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $81.00 target price on shares of Cedar Fair, L.P. in a research report on Tuesday, July 4th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. Cedar Fair, L.P. presently has an average rating of “Hold” and a consensus price target of $74.75.

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Cedar Fair, L.P. Company Profile

Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.

Earnings History for Cedar Fair, L.P. (NYSE:FUN)

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