Cedar Fair (NYSE:FUN) Price Target Cut to $60.00

Cedar Fair (NYSE:FUN) had its target price reduced by Oppenheimer from $67.00 to $60.00 in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 51.36% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. StockNews.com initiated coverage on Cedar Fair in a research report on Wednesday, September 4th. They issued a “hold” rating on the stock. Truist Financial reduced their price objective on Cedar Fair from $62.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 9th. The Goldman Sachs Group lowered their target price on shares of Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. JPMorgan Chase & Co. reduced their price target on shares of Cedar Fair from $48.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, September 16th. Finally, Stifel Nicolaus lowered their price objective on shares of Cedar Fair from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Cedar Fair has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

Cedar Fair Price Performance

Shares of NYSE:FUN opened at $39.64 on Tuesday. The business has a fifty day moving average price of $41.44 and a 200-day moving average price of $44.01. The company has a market capitalization of $2.03 billion, a PE ratio of 16.31 and a beta of 1.55. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $58.70.

Cedar Fair (NYSE:FUN) last issued its earnings results on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.02. The business had revenue of $571.62 million during the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. On average, sell-side analysts anticipate that Cedar Fair will post 2.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cedar Fair

A number of hedge funds have recently modified their holdings of FUN. Torno Capital LLC purchased a new position in Cedar Fair during the second quarter valued at $4,413,000. Brookstone Capital Management purchased a new position in shares of Cedar Fair during the 2nd quarter valued at about $215,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Cedar Fair by 26.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after acquiring an additional 1,620 shares during the period. CWM LLC increased its holdings in Cedar Fair by 932.0% in the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after acquiring an additional 1,864 shares in the last quarter. Finally, Cetera Advisors LLC raised its stake in Cedar Fair by 10.9% during the 1st quarter. Cetera Advisors LLC now owns 6,881 shares of the company’s stock worth $288,000 after acquiring an additional 675 shares during the period. Institutional investors own 64.65% of the company’s stock.

About Cedar Fair

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.