Cedar Fair (NYSE:FUN) Stock Price Down 3.1% – Here’s What Happened

Cedar Fair, L.P. (NYSE:FUN) shares were down 3.1% during mid-day trading on Wednesday . The company traded as low as $44.75 and last traded at $44.84. Approximately 851,115 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 1,157,136 shares. The stock had previously closed at $46.27.

Analysts Set New Price Targets

A number of analysts have recently commented on FUN shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Guggenheim boosted their price objective on shares of Cedar Fair from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. upped their price objective on shares of Cedar Fair from $43.00 to $46.00 and gave the stock an “underweight” rating in a report on Thursday, November 7th. Oppenheimer lowered their price target on Cedar Fair from $67.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group initiated coverage on shares of Cedar Fair in a research note on Monday, December 9th. They set a “buy” rating and a $59.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cedar Fair currently has an average rating of “Moderate Buy” and an average price target of $56.21.

Cedar Fair Trading Down 3.0 %

The company has a market capitalization of $4.50 billion, a P/E ratio of -70.14 and a beta of 1.56. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.32 and a current ratio of 0.40. The stock has a fifty day moving average of $46.97 and a 200 day moving average of $45.09.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. S.A. Mason LLC grew its stake in shares of Cedar Fair by 63.1% during the 3rd quarter. S.A. Mason LLC now owns 993 shares of the company’s stock valued at $40,000 after acquiring an additional 384 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of Cedar Fair by 94.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock worth $157,000 after purchasing an additional 1,400 shares during the period. Mutual of America Capital Management LLC bought a new position in shares of Cedar Fair in the third quarter worth approximately $260,000. Commonwealth Equity Services LLC increased its stake in shares of Cedar Fair by 4.6% in the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock worth $1,022,000 after purchasing an additional 826 shares in the last quarter. Finally, Torno Capital LLC bought a new stake in shares of Cedar Fair during the 2nd quarter valued at $4,413,000. Institutional investors 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.