Cedar Fair (NYSE:FUN) Earns Buy Rating from Analysts at Guggenheim

Guggenheim started coverage on shares of Cedar Fair (NYSE:FUN) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $52.00 price objective on the stock.

A number of other analysts have also issued reports on FUN. StockNews.com initiated coverage on shares of Cedar Fair in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. B. Riley dropped their price target on shares of Cedar Fair from $77.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a report on Friday, October 4th. Macquarie decreased their price objective on shares of Cedar Fair from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Finally, Morgan Stanley lifted their price objective on shares of Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, July 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cedar Fair currently has an average rating of “Moderate Buy” and an average price target of $55.46.

Cedar Fair Stock Performance

FUN opened at $40.62 on Tuesday. The company’s 50 day simple moving average is $40.60 and its 200 day simple moving average is $43.98. Cedar Fair has a 1 year low of $34.53 and a 1 year high of $58.70. The stock has a market capitalization of $4.07 billion, a PE ratio of 16.45 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.06 by $0.02. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. The firm had revenue of $571.62 million for the quarter, compared to analyst estimates of $525.57 million. As a group, sell-side analysts expect that Cedar Fair will post 2.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cedar Fair

Several hedge funds and other institutional investors have recently modified their holdings of FUN. PNC Financial Services Group Inc. lifted its holdings in shares of Cedar Fair by 10.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after buying an additional 300 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors boosted its position in shares of Cedar Fair by 121.9% during the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 24,268 shares of the company’s stock valued at $1,017,000 after purchasing an additional 13,332 shares in the last quarter. HAP Trading LLC acquired a new position in shares of Cedar Fair in the 1st quarter worth approximately $1,329,000. Cetera Advisors LLC raised its holdings in shares of Cedar Fair by 10.9% in the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after purchasing an additional 675 shares in the last quarter. Finally, Aurora Investment Counsel raised its holdings in shares of Cedar Fair by 1.7% in the 1st quarter. Aurora Investment Counsel now owns 15,077 shares of the company’s stock worth $632,000 after purchasing an additional 253 shares in the last quarter. Institutional investors and hedge funds own 64.65% of the company’s stock.

Cedar Fair Company Profile

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. 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.