Hawk Ridge Capital Management LP Invests $51.09 Million in United Parks & Resorts Inc. $PRKS

Key Points

• Hawk Ridge Capital Management acquired 1.56 million United Parks & Resorts shares worth approximately $51.1 million, representing a 3.32% stake and about 1.9% of the fund’s portfolio.
• Institutional interest has increased, with Nomura, Goldentree Asset Management, Long Pond Capital, CIBC World Markets, and Engine Capital among the funds recently buying or expanding positions.
• Analysts maintain a generally cautious outlook, with the stock carrying a consensus “Hold” rating and an average price target of $47.27. The company recently missed quarterly EPS expectations and reported a 3% year-over-year revenue decline.

Hawk Ridge Capital Management LP acquired a new stake in United Parks & Resorts Inc. (NYSE:PRKS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,564,422 shares of the company's stock, valued at approximately $51,094,000. United Parks & Resorts makes up about 1.9% of Hawk Ridge Capital Management LP's holdings, making the stock its 21st biggest position. Hawk Ridge Capital Management LP owned 3.32% of United Parks & Resorts as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nomura Holdings Inc. lifted its position in United Parks & Resorts by 742.3% in the third quarter. Nomura Holdings Inc. now owns 4,476,357 shares of the company's stock valued at $231,428,000 after acquiring an additional 3,944,894 shares during the last quarter. Goldentree Asset Management LP grew its holdings in shares of United Parks & Resorts by 83.5% during the fourth quarter. Goldentree Asset Management LP now owns 2,438,437 shares of the company's stock worth $88,366,000 after purchasing an additional 1,109,930 shares during the last quarter. Long Pond Capital LP acquired a new stake in shares of United Parks & Resorts during the fourth quarter worth about $31,036,000. Cibc World Markets Corp acquired a new stake in shares of United Parks & Resorts during the fourth quarter worth about $18,215,000. Finally, Engine Capital Management LP lifted its holdings in shares of United Parks & Resorts by 96.2% in the 4th quarter. Engine Capital Management LP now owns 856,397 shares of the company's stock valued at $31,087,000 after purchasing an additional 420,000 shares during the last quarter.

Insider Activity

In related news, insider Christopher L. Finazzo sold 8,000 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $36.76, for a total transaction of $294,080.00. Following the sale, the insider owned 130,285 shares of the company's stock, valued at $4,789,276.60. This trade represents a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PRKS shares. The Goldman Sachs Group lifted their price target on shares of United Parks & Resorts from $37.00 to $41.00 and gave the company a "neutral" rating in a research report on Monday. Northcoast Research began coverage on United Parks & Resorts in a research note on Wednesday, July 8th. They issued a "neutral" rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $56.00 price objective on shares of United Parks & Resorts in a report on Monday, July 13th. Weiss Ratings upgraded United Parks & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, July 10th. Finally, Stifel Nicolaus reissued a "hold" rating and issued a $40.00 target price (down from $43.00) on shares of United Parks & Resorts in a report on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, United Parks & Resorts presently has an average rating of "Hold" and an average price target of $47.27.

United Parks & Resorts Price Performance

Shares of PRKS opened at $44.72 on Tuesday. The firm has a 50 day simple moving average of $43.95 and a 200-day simple moving average of $38.25. United Parks & Resorts Inc. has a 1-year low of $28.77 and a 1-year high of $56.95. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.33). The company had revenue of $278.29 million during the quarter, compared to analysts' expectations of $279.92 million. United Parks & Resorts had a net margin of 9.09% and a negative return on equity of 35.46%. United Parks & Resorts's quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) EPS. On average, equities analysts expect that United Parks & Resorts Inc. will post 3.35 earnings per share for the current fiscal year.

About United Parks & Resorts

United Parks & Resorts, Inc is a holding company, which engages in the ownership and operation of theme parks. Its portfolio includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue. The company was founded in 1959 and is headquartered in Orlando, FL.

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