JANA Partners Management LP Invests $92.02 Million in Six Flags Entertainment Corporation $FUN

Key Points

• JANA Partners bought 4,049,940 shares of Six Flags (NYSE:FUN) in the 3rd quarter—about $92.02 million—representing roughly 3.99% ownership of the company and 4.5% of JANA's portfolio (its 9th largest holding).
• Six Flags' most recent quarter missed on EPS (reported ($0.91) vs. ($0.31) expected) despite revenue of $650.09 million; the company has a negative net margin (~51.6%) and revenue was down 5.4% year‑over‑year.
• Analysts are mixed: the consensus rating is "Hold" with a $24.62 average price target (7 Buy, 5 Hold, 2 Sell).

JANA Partners Management LP acquired a new position in Six Flags Entertainment Corporation (NYSE:FUN - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,049,940 shares of the company's stock, valued at approximately $92,015,000. Six Flags Entertainment comprises 4.5% of JANA Partners Management LP's investment portfolio, making the stock its 9th largest holding. JANA Partners Management LP owned approximately 3.99% of Six Flags Entertainment as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in Six Flags Entertainment by 56.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 61,081 shares of the company's stock worth $1,859,000 after buying an additional 22,054 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Six Flags Entertainment by 1,179.0% during the 2nd quarter. Allworth Financial LP now owns 1,522 shares of the company's stock worth $46,000 after acquiring an additional 1,403 shares during the last quarter. Geode Capital Management LLC grew its position in Six Flags Entertainment by 2.4% in the second quarter. Geode Capital Management LLC now owns 2,208,815 shares of the company's stock worth $67,222,000 after acquiring an additional 52,337 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in Six Flags Entertainment by 10.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 21,953 shares of the company's stock worth $668,000 after acquiring an additional 2,139 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Six Flags Entertainment by 8.2% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 24,139 shares of the company's stock valued at $735,000 after acquiring an additional 1,821 shares during the last quarter. 64.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FUN shares. Mizuho raised their price target on Six Flags Entertainment from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Friday, February 20th. Jefferies Financial Group reduced their price objective on Six Flags Entertainment from $20.00 to $17.00 and set a "hold" rating on the stock in a research report on Tuesday, January 13th. Barclays reissued an "overweight" rating and set a $22.00 price objective on shares of Six Flags Entertainment in a report on Monday, February 23rd. Guggenheim dropped their target price on Six Flags Entertainment from $35.00 to $31.00 and set a "buy" rating for the company in a research report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Six Flags Entertainment in a research note on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $24.62.

Six Flags Entertainment Stock Performance

NYSE FUN opened at $16.00 on Monday. The company has a 50-day simple moving average of $16.82 and a two-hundred day simple moving average of $18.37. Six Flags Entertainment Corporation has a 12-month low of $12.51 and a 12-month high of $39.21. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -1.01 and a beta of 0.36. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 9.40.

Six Flags Entertainment (NYSE:FUN - Get Free Report) last released its earnings results on Thursday, February 19th. The company reported ($0.91) earnings per share for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.60). The company had revenue of $650.09 million during the quarter, compared to the consensus estimate of $602.68 million. Six Flags Entertainment had a negative net margin of 51.58% and a positive return on equity of 3.77%. Six Flags Entertainment's revenue was down 5.4% on a year-over-year basis. On average, equities analysts forecast that Six Flags Entertainment Corporation will post 0.83 EPS for the current year.

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.

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