Cedar Fair, L.P. (NYSE:FUN) Sees Large Decrease in Short Interest

by · The Markets Daily

Cedar Fair, L.P. (NYSE:FUN – Get Free Report) saw a significant decrease in short interest in October. As of October 15th, there was short interest totalling 10,160,000 shares, a decrease of 5.1% from the September 30th total of 10,710,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the short-interest ratio is currently 6.0 days.

Institutional Investors Weigh In On Cedar Fair

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. S.A. Mason LLC boosted its position in Cedar Fair by 63.1% in the third quarter. S.A. Mason LLC now owns 993 shares of the company’s stock worth $40,000 after purchasing an additional 384 shares during the last quarter. Torno Capital LLC bought a new stake in Cedar Fair during the second quarter valued at approximately $4,413,000. Benjamin F. Edwards & Company Inc. increased its holdings in Cedar Fair by 94.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after buying an additional 1,400 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Cedar Fair by 4.6% in the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock worth $1,022,000 after acquiring an additional 826 shares during the period. Finally, Ameritas Advisory Services LLC raised its position in Cedar Fair by 31.1% in the second quarter. Ameritas Advisory Services LLC now owns 11,815 shares of the company’s stock worth $642,000 after acquiring an additional 2,804 shares during the period. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Analysts Set New Price Targets

FUN has been the topic of several research reports. Stifel Nicolaus dropped their price target on Cedar Fair from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Citigroup reduced their target price on shares of Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. StockNews.com initiated coverage on shares of Cedar Fair in a research report on Wednesday, September 4th. They set a “hold” rating for the company. Guggenheim initiated coverage on shares of Cedar Fair in a report on Tuesday. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, The Goldman Sachs Group lowered their target price on shares of Cedar Fair from $55.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cedar Fair presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.46.

Get Our Latest Research Report on FUN

Cedar Fair Stock Performance

Shares of NYSE:FUN traded down $0.77 during midday trading on Thursday, reaching $40.22. 489,936 shares of the company’s stock traded hands, compared to its average volume of 934,911. Cedar Fair has a one year low of $34.38 and a one year high of $58.70. The company has a market cap of $4.03 billion, a price-to-earnings ratio of 16.60 and a beta of 1.55. The stock has a 50 day moving average of $40.76 and a 200 day moving average of $44.00.

Cedar Fair (NYSE:FUN – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.02. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. The business had revenue of $571.62 million for the quarter, compared to analysts’ expectations of $525.57 million. Sell-side analysts predict that Cedar Fair will post 2.02 EPS for the current fiscal year.

About Cedar Fair

(Get Free Report)

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.

Featured Articles