Stifel Nicolaus Forecasts Strong Price Appreciation for Cedar Fair (NYSE:FUN) Stock

Cedar Fair (NYSE:FUN) had its price objective boosted by equities researchers at Stifel Nicolaus from $48.00 to $50.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price points to a potential upside of 44.34% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Guggenheim lowered their price target on Cedar Fair from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Truist Financial lowered their price target on Cedar Fair from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Jefferies Financial Group lowered their price target on Cedar Fair from $58.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Morgan Stanley lowered their price target on Cedar Fair from $58.00 to $47.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Finally, Macquarie reiterated an “outperform” rating and set a $55.00 price target on shares of Cedar Fair in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Cedar Fair currently has an average rating of “Moderate Buy” and a consensus price target of $49.20.

Cedar Fair Trading Up 1.3%

NYSE:FUN opened at $34.64 on Wednesday. Cedar Fair has a 52 week low of $28.02 and a 52 week high of $58.70. 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’s 50 day moving average price is $34.88 and its 200 day moving average price is $41.58. The company has a market capitalization of $3.50 billion, a P/E ratio of -54.12 and a beta of 0.84.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($2.20) EPS for the quarter, beating the consensus estimate of ($2.29) by $0.09. Cedar Fair had a return on equity of 113.05% and a net margin of 0.99%. The company had revenue of $202.06 million for the quarter, compared to the consensus estimate of $235.51 million. The business’s revenue for the quarter was up 98.9% on a year-over-year basis. On average, research analysts forecast that Cedar Fair will post 0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michelle M. Frymire sold 5,929 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $37.89, for a total value of $224,649.81. Following the completion of the transaction, the director now directly owns 7,162 shares of the company’s stock, valued at $271,368.18. This trade represents a 45.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cedar Fair stock. Peregrine Capital Management LLC increased its position in Cedar Fair, L.P. (NYSE:FUN) by 7.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 131,499 shares of the company’s stock after purchasing an additional 9,231 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.13% of Cedar Fair worth $4,691,000 at the end of the most recent quarter. Hedge funds and other 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.