Cedar Fair (NYSE:FUN) Price Target Cut to $58.00 by Analysts at Citigroup

Cedar Fair (NYSE:FUN) had its price objective dropped by Citigroup from $61.00 to $58.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 37.51% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Morgan Stanley raised their price objective on Cedar Fair from $55.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, July 1st. Mizuho cut their price objective on shares of Cedar Fair from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. The Goldman Sachs Group dropped their price target on shares of Cedar Fair from $63.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. StockNews.com began coverage on shares of Cedar Fair in a research report on Wednesday, September 4th. They issued a “hold” rating on the stock. Finally, Macquarie dropped their target price on Cedar Fair from $64.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Cedar Fair Stock Performance

Shares of FUN opened at $42.18 on Wednesday. The stock has a market capitalization of $2.16 billion, a PE ratio of 17.36 and a beta of 1.55. The company’s fifty day moving average is $45.13 and its 200 day moving average is $44.44. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $58.70.

Cedar Fair (NYSE:FUN) last posted its earnings results on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $525.57 million. As a group, research analysts forecast that Cedar Fair will post 2.78 earnings per share for the current year.

Institutional Investors Weigh In On Cedar Fair

Institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC increased its stake in shares of Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after buying an additional 1,864 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Cedar Fair by 94.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after purchasing an additional 1,400 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Cedar Fair by 10.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock valued at $131,000 after purchasing an additional 300 shares in the last quarter. Brookstone Capital Management purchased a new stake in shares of Cedar Fair in the 2nd quarter worth approximately $215,000. Finally, Thrive Wealth Management LLC purchased a new position in Cedar Fair during the second quarter valued at approximately $252,000. 64.65% of the stock is owned by institutional investors.

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.