Cedar Fair (NYSE:FUN) Sets New 52-Week High Following Analyst Upgrade

Cedar Fair, L.P. (NYSE:FUN - Get Free Report) hit a new 52-week high on Monday after Truist Financial raised their price target on the stock from $45.00 to $50.00. Truist Financial currently has a buy rating on the stock. Cedar Fair traded as high as $45.76 and last traded at $45.20, with a volume of 61773 shares traded. The stock had previously closed at $44.60.

Several other analysts also recently weighed in on the stock. B. Riley reissued a "buy" rating and set a $52.00 target price (up previously from $50.00) on shares of Cedar Fair in a research report on Friday, February 16th. Mizuho began coverage on Cedar Fair in a research note on Tuesday, March 26th. They issued a "buy" rating and a $56.00 target price for the company. StockNews.com initiated coverage on Cedar Fair in a research note on Tuesday, May 7th. They set a "buy" rating on the stock. Oppenheimer initiated coverage on Cedar Fair in a research note on Thursday, February 8th. They issued an "outperform" rating and a $49.00 price objective for the company. Finally, 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 report on Friday, February 16th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $50.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Cedar Fair by 67.6% during the 3rd quarter. Barclays PLC now owns 2,305,406 shares of the company's stock valued at $85,300,000 after acquiring an additional 930,021 shares during the period. JPMorgan Chase & Co. increased its position in shares of Cedar Fair by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company's stock valued at $124,718,000 after buying an additional 1,130,439 shares in the last quarter. Aurora Investment Counsel acquired a new position in shares of Cedar Fair during the 3rd quarter worth approximately $2,142,000. Sequoia Financial Advisors LLC acquired a new position in shares of Cedar Fair during the 4th quarter worth approximately $463,000. Finally, Carnegie Capital Asset Management LLC lifted its position in shares of Cedar Fair by 10.9% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 10,546 shares of the company's stock valued at $420,000 after buying an additional 1,033 shares in the last quarter. Hedge funds and other institutional investors own 64.65% of the company's stock.

Cedar Fair Stock Performance

The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 18.44 and a beta of 1.42. The business's 50 day moving average is $40.86 and its 200-day moving average is $39.83.

Cedar Fair (NYSE:FUN - Get Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($2.47) earnings per share for the quarter, missing analysts' consensus estimates of ($2.40) by ($0.07). Cedar Fair had a net margin of 6.95% and a negative return on equity of 23.78%. The company had revenue of $101.62 million during the quarter, compared to analysts' expectations of $91.97 million. Sell-side analysts anticipate that Cedar Fair, L.P. will post 3.27 EPS for the current fiscal year.

Cedar Fair Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Wednesday, June 5th. Cedar Fair's payout ratio is 49.38%.

About Cedar Fair

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.