Cedar Fair, L.P. (FUN) Shares Sold by River Road Asset Management LLC
River Road Asset Management LLC decreased its stake in Cedar Fair, L.P. (NYSE:FUN) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 590,024 shares of the company’s stock after selling 12,189 shares during the period. River Road Asset Management LLC owned 1.05% of Cedar Fair, L.P. worth $42,541,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in shares of Cedar Fair, L.P. during the first quarter valued at about $102,000. Solaris Asset Management LLC raised its position in Cedar Fair, L.P. by 8.4% in the second quarter. Solaris Asset Management LLC now owns 1,545 shares of the company’s stock worth $111,000 after buying an additional 120 shares in the last quarter. Peddock Capital Advisors LLC acquired a new position in Cedar Fair, L.P. during the second quarter worth $144,000. Anchor Capital Advisors LLC acquired a new position in Cedar Fair, L.P. during the first quarter worth $203,000. Finally, Benjamin F. Edwards & Company Inc. raised its position in Cedar Fair, L.P. by 15.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,061 shares of the company’s stock worth $208,000 after buying an additional 400 shares in the last quarter. Institutional investors own 51.53% of the company’s stock.
Cedar Fair, L.P. (FUN) opened at 67.66 on Monday. The company has a 50-day moving average of $67.95 and a 200-day moving average of $68.87. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 28.38 and a beta of 0.50. Cedar Fair, L.P. has a 1-year low of $56.23 and a 1-year high of $72.56.
Cedar Fair, L.P. (NYSE:FUN) last posted its earnings results on Wednesday, August 2nd. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.02 by $0.20. The firm had revenue of $392.80 million for the quarter, compared to analysts’ expectations of $405.78 million. Cedar Fair, L.P. had a net margin of 10.50% and a return on equity of 1,048.17%. Cedar Fair, L.P.’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $1.03 earnings per share. Analysts anticipate that Cedar Fair, L.P. will post $3.00 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be issued a dividend of $0.855 per share. This represents a $3.42 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Friday, September 1st. Cedar Fair, L.P.’s dividend payout ratio (DPR) is 144.30%.
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A number of research firms recently weighed in on FUN. Goldman Sachs Group, Inc. (The) upgraded shares of Cedar Fair, L.P. from a “buy” rating to a “conviction-buy” rating and set a $81.00 price objective for the company in a research note on Monday, June 19th. Zacks Investment Research lowered shares of Cedar Fair, L.P. from a “hold” rating to a “strong sell” rating in a research note on Monday, August 7th. BidaskClub lowered shares of Cedar Fair, L.P. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $78.00 price objective on shares of Cedar Fair, L.P. in a research note on Friday, July 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $74.75.
In related news, CEO Matthew A. Ouimet sold 9,100 shares of the business’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $68.89, for a total value of $626,899.00. Following the completion of the sale, the chief executive officer now owns 200,799 shares of the company’s stock, valued at approximately $13,833,043.11. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas Klein purchased 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was bought at an average cost of $66.13 per share, with a total value of $462,910.00. Following the acquisition, the director now owns 24,960 shares in the company, valued at approximately $1,650,604.80. The disclosure for this purchase can be found here. In the last three months, insiders sold 24,100 shares of company stock valued at $1,681,699. 2.00% of the stock is owned by insiders.
About Cedar Fair, L.P.
Cedar Fair, L.P. is an operator of regional amusement parks. The Company operates within a segment of amusement/water parks with accompanying resort facilities. As of December 31, 2016, the Company owned approximately 11 amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels.
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