Sequoia Financial Advisors LLC Takes Position in Cedar Fair, L.P. (NYSE:FUN)

Sequoia Financial Advisors LLC purchased a new position in shares of Cedar Fair, L.P. (NYSE:FUN) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,643 shares of the company’s stock, valued at approximately $463,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FUN. Saxon Interests Inc. acquired a new position in shares of Cedar Fair during the fourth quarter valued at approximately $308,000. Sound Income Strategies LLC raised its stake in Cedar Fair by 44.4% in the 4th quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock valued at $110,000 after purchasing an additional 852 shares during the last quarter. Aurora Investment Counsel purchased a new position in Cedar Fair in the 3rd quarter valued at $2,142,000. Impala Asset Management LLC boosted its stake in Cedar Fair by 21.9% during the 3rd quarter. Impala Asset Management LLC now owns 379,040 shares of the company’s stock worth $14,024,000 after purchasing an additional 68,150 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Cedar Fair by 50.5% during the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock worth $124,718,000 after buying an additional 1,130,439 shares in the last quarter. 64.65% of the stock is owned by hedge funds and other institutional investors.

Cedar Fair Stock Performance

Shares of Cedar Fair stock opened at $38.74 on Thursday. Cedar Fair, L.P. has a fifty-two week low of $34.04 and a fifty-two week high of $45.39. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 15.81 and a beta of 1.41. The stock has a 50 day moving average of $41.37 and a 200 day moving average of $39.32.

Cedar Fair (NYSE:FUN) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The business had revenue of $371.12 million for the quarter, compared to analysts’ expectations of $365.13 million. Cedar Fair had a negative return on equity of 21.06% and a net margin of 6.96%. Analysts forecast that Cedar Fair, L.P. will post 3.28 EPS for the current year.

Cedar Fair Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Tuesday, March 5th. Cedar Fair’s dividend payout ratio (DPR) is 48.98%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FUN shares. Stifel Nicolaus raised their price target on shares of Cedar Fair from $49.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. B. Riley reissued a “buy” rating and issued a $52.00 target price (up from $50.00) on shares of Cedar Fair in a research note on Friday, February 16th. Oppenheimer began coverage on Cedar Fair in a research report on Thursday, February 8th. They issued an “outperform” rating and a $49.00 price target for the company. Truist Financial lifted their price objective on Cedar Fair from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, KeyCorp upped their target price on Cedar Fair from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $50.30.

Cedar Fair 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.