Cedar Fair (FUN) Downgraded by Zacks Investment Research to Sell

Cedar Fair (NYSE:FUN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, January 3rd.

According to Zacks, “Cedar Fair, L.P. and its affiliated companies own and operate five amusement parks: Cedar Point, Knott’s Berry Farm, Dorney Park & Wildwater Kingdom, Valleyfair, and Worlds of Fun/Oceans of Fun. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and entertainment. The company also owns and operates four hotel facilities. Cedar Point also owns and operates the Cedar Point Marina, one of the largest full-service marinas on the Great Lakes. “

A number of other research analysts have also issued reports on FUN. B. Riley restated a “buy” rating on shares of Cedar Fair in a research report on Friday, November 3rd. FBR & Co restated a “buy” rating on shares of Cedar Fair in a research report on Thursday, September 7th. Stifel Nicolaus restated a “buy” rating and set a $74.00 price objective (down previously from $75.00) on shares of Cedar Fair in a research report on Thursday, September 7th. Goldman Sachs Group lowered Cedar Fair from a “conviction-buy” rating to a “buy” rating and set a $75.00 price target for the company. in a research report on Wednesday, October 4th. Finally, KeyCorp reiterated a “buy” rating and set a $74.00 price target on shares of Cedar Fair in a research report on Tuesday, October 24th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $74.38.

Shares of Cedar Fair (NYSE FUN) traded up $0.50 during midday trading on Wednesday, hitting $64.37. The stock had a trading volume of 114,900 shares, compared to its average volume of 109,725. Cedar Fair has a 1-year low of $59.66 and a 1-year high of $72.56. The company has a quick ratio of 1.06, a current ratio of 1.18 and a debt-to-equity ratio of 22.05. The company has a market cap of $3,630.00, a P/E ratio of 24.20, a price-to-earnings-growth ratio of 3.25 and a beta of 0.52.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $3.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.56 by ($0.18). Cedar Fair had a net margin of 11.75% and a return on equity of 2,430.22%. The firm had revenue of $652.69 million during the quarter, compared to the consensus estimate of $652.98 million. During the same quarter last year, the firm posted $3.10 earnings per share. Cedar Fair’s revenue was up .4% compared to the same quarter last year. research analysts forecast that Cedar Fair will post 3 EPS for the current year.

In other news, CEO Matthew A. Ouimet sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $66.40, for a total transaction of $265,600.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew A. Ouimet sold 6,000 shares of the business’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $67.91, for a total value of $407,460.00. Following the sale, the chief executive officer now directly owns 215,353 shares in the company, valued at $14,624,622.23. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Ffcm LLC acquired a new stake in shares of Cedar Fair during the third quarter worth $109,000. Advisory Services Network LLC raised its position in Cedar Fair by 10.7% during the second quarter. Advisory Services Network LLC now owns 1,660 shares of the company’s stock valued at $120,000 after buying an additional 160 shares during the period. Captrust Financial Advisors acquired a new position in Cedar Fair during the second quarter valued at $123,000. The Manufacturers Life Insurance Company raised its position in Cedar Fair by 6.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,718 shares of the company’s stock valued at $124,000 after buying an additional 108 shares during the period. Finally, Columbia Asset Management acquired a new position in Cedar Fair during the second quarter valued at $210,000. 49.90% of the stock is currently owned by institutional investors.

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About Cedar Fair

Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.

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