StockNews.com Downgrades Cedar Fair (NYSE:FUN) to Sell

Cedar Fair (NYSE:FUN) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Friday.

Other equities research analysts also recently issued research reports about the stock. Guggenheim initiated coverage on shares of Cedar Fair in a research report on Tuesday, October 29th. They set a “buy” rating and a $52.00 price target for the company. Deutsche Bank Aktiengesellschaft cut their price target on Cedar Fair from $65.00 to $58.00 and set a “buy” rating for the company in a report on Friday, October 4th. Mizuho cut their price target on Cedar Fair from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Citigroup reduced their price target on shares of Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, Truist Financial decreased their price objective on shares of Cedar Fair from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average target price of $55.69.

Cedar Fair Stock Performance

FUN traded down $0.15 during midday trading on Friday, reaching $45.44. The company had a trading volume of 1,496,992 shares, compared to its average volume of 1,468,792. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.39 and a current ratio of 0.64. The stock has a market cap of $4.56 billion, a PE ratio of 18.40 and a beta of 1.55. Cedar Fair has a 12-month low of $35.93 and a 12-month high of $58.70. The business has a 50-day moving average price of $40.64 and a two-hundred day moving average price of $44.20.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share 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 the consensus estimate of $525.57 million. Cedar Fair had a net margin of 2.01% and a return on equity of 85.04%. On average, sell-side analysts expect that Cedar Fair will post 1.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cedar Fair

Several institutional investors have recently modified their holdings of the company. Mutual of America Capital Management LLC purchased a new position in shares of Cedar Fair in the 3rd quarter valued at about $260,000. S.A. Mason LLC boosted its holdings in shares of Cedar Fair by 63.1% in the 3rd quarter. S.A. Mason LLC now owns 993 shares of the company’s stock valued at $40,000 after buying an additional 384 shares in the last quarter. Torno Capital LLC purchased a new position in shares of Cedar Fair in the 2nd quarter valued at $4,413,000. Benjamin F. Edwards & Company Inc. raised its stake 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 worth $157,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in Cedar Fair by 4.6% in the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock valued at $1,022,000 after acquiring an additional 826 shares during the last quarter. 64.65% of the stock is owned by hedge funds and other institutional investors.

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.