Bank of New York Mellon Corp Takes Position in Six Flags Entertainment Corporation $FUN

Key Points

• Bank of New York Mellon acquired 562,215 Six Flags shares worth approximately $12.0 million, representing a 0.55% stake. Institutional investors collectively own 64.65% of the company.
• Six Flags shares opened at $14.27, down 5.2%, and remain well below their 12-month high of $27.37. The stock has a consensus analyst rating of Hold with an average price target of $21.93.
• Company insiders purchased 265,713 shares valued at approximately $6.1 million over the past 90 days, including significant purchases by CEO John T. Reilly and director Rehan Jaffer.

Bank of New York Mellon Corp acquired a new position in Six Flags Entertainment Corporation (NYSE:FUN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 562,215 shares of the company's stock, valued at approximately $11,975,000. Bank of New York Mellon Corp owned 0.55% of Six Flags Entertainment as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in shares of Six Flags Entertainment by 26.1% during the second quarter. Russell Investments Group Ltd. now owns 2,830 shares of the company's stock valued at $86,000 after acquiring an additional 586 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Six Flags Entertainment by 259.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,000 shares of the company's stock worth $30,000 after purchasing an additional 722 shares in the last quarter. Invesco Ltd. boosted its stake in Six Flags Entertainment by 2.5% in the 2nd quarter. Invesco Ltd. now owns 236,798 shares of the company's stock worth $7,206,000 after purchasing an additional 5,775 shares in the last quarter. State Street Corp grew its position in Six Flags Entertainment by 0.8% during the 2nd quarter. State Street Corp now owns 3,465,487 shares of the company's stock valued at $105,455,000 after purchasing an additional 27,848 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its position in Six Flags Entertainment by 249.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 651,844 shares of the company's stock valued at $19,836,000 after purchasing an additional 465,572 shares during the last quarter. Institutional investors own 64.65% of the company's stock.

Six Flags Entertainment Stock Down 5.2%

FUN stock opened at $14.27 on Wednesday. The business's 50-day moving average price is $17.97 and its 200-day moving average price is $18.66. The stock has a market cap of $1.46 billion, a P/E ratio of -0.82 and a beta of 0.38. The company has a quick ratio of 0.36, a current ratio of 0.42 and a debt-to-equity ratio of 43.34. Six Flags Entertainment Corporation has a twelve month low of $12.51 and a twelve month high of $27.37.

Insider Buying and Selling at Six Flags Entertainment

In other news, CEO John T. Reilly bought 15,713 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were bought at an average price of $15.80 per share, for a total transaction of $248,265.40. Following the purchase, the chief executive officer owned 297,736 shares in the company, valued at $4,704,228.80. This represents a 5.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rehan Jaffer bought 125,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were purchased at an average price of $23.41 per share, for a total transaction of $2,926,250.00. Following the purchase, the director owned 4,900,000 shares in the company, valued at $114,709,000. This represents a 2.62% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 265,713 shares of company stock worth $6,135,765 over the last 90 days. Insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

FUN has been the topic of several recent analyst reports. Stifel Nicolaus set a $23.00 target price on Six Flags Entertainment in a research note on Friday, August 7th. The Goldman Sachs Group set a $15.00 price target on Six Flags Entertainment in a research note on Friday, August 7th. Truist Financial increased their price objective on Six Flags Entertainment from $27.00 to $28.00 and gave the company a "buy" rating in a research report on Friday, June 12th. Zacks Research lowered Six Flags Entertainment from a "strong-buy" rating to a "strong sell" rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Six Flags Entertainment in a research note on Wednesday, August 12th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $21.93.

Six Flags Entertainment Company Profile

Six Flags Entertainment Corporation is a publicly traded regional theme park operator based in Arlington, Texas. The company develops, owns and operates amusement and water parks, offering a diverse portfolio of thrill rides, family attractions, live entertainment, food and beverage offerings, and retail merchandise. Its main revenue streams include single-day tickets, season passes, on-site accommodations, in-park retail sales, and food and beverage services.

Founded in 1961 by Angus G.

Want to see what other hedge funds are holding FUN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Six Flags Entertainment Corporation (NYSE:FUN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source