B. Riley Comments on Cedar Fair, L.P.’s Q3 2022 Earnings (NYSE:FUN)

Posted by MarketBeat News on Aug 6th, 2022

Cedar Fair, L.P. (NYSE:FUN – Get Rating) – Stock analysts at B. Riley increased their Q3 2022 EPS estimates for Cedar Fair in a research report issued on Thursday, August 4th. B. Riley analyst E. Wold now anticipates that the company will post earnings of $4.02 per share for the quarter, up from their prior estimate of $3.98. B. Riley currently has a “Buy” rating and a $68.00 price target on the stock. The consensus estimate for Cedar Fair’s current full-year earnings is $4.09 per share. B. Riley also issued estimates for Cedar Fair’s Q3 2023 earnings at $4.37 EPS.

Cedar Fair (NYSE:FUN – Get Rating) last issued its earnings results on Wednesday, May 4th. The company reported ($1.56) EPS for the quarter, topping analysts’ consensus estimates of ($1.96) by $0.40. The firm had revenue of $99.00 million during the quarter, compared to the consensus estimate of $76.28 million. Cedar Fair had a net margin of 4.85% and a negative return on equity of 12.64%. The company’s revenue was up 920.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.95) earnings per share.

Several other research firms also recently issued reports on FUN. KeyCorp set a $55.00 price objective on shares of Cedar Fair in a research note on Tuesday, July 19th. Rosenblatt Securities decreased their price objective on shares of Cedar Fair from $51.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Cedar Fair from $75.00 to $63.00 in a research note on Thursday. Stifel Nicolaus decreased their price objective on shares of Cedar Fair from $72.00 to $58.00 in a research note on Thursday, July 7th. Finally, Credit Suisse Group decreased their price objective on shares of Cedar Fair from $89.00 to $74.00 and set an “outperform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.88.

Cedar Fair Trading Up 3.1 %

Shares of FUN stock opened at $42.27 on Friday. The firm has a fifty day moving average price of $43.20 and a 200 day moving average price of $49.68. The company has a market cap of $2.41 billion, a P/E ratio of 29.15 and a beta of 1.70. Cedar Fair has a 12 month low of $37.78 and a 12 month high of $62.56.

Cedar Fair Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.20 annualized dividend and a yield of 2.84%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC raised its holdings in Cedar Fair by 5.7% during the second quarter. Belpointe Asset Management LLC now owns 4,618 shares of the company’s stock worth $203,000 after purchasing an additional 251 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Cedar Fair by 15.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,025 shares of the company’s stock worth $166,000 after purchasing an additional 400 shares in the last quarter. Truist Financial Corp raised its holdings in Cedar Fair by 9.6% during the first quarter. Truist Financial Corp now owns 4,653 shares of the company’s stock worth $255,000 after purchasing an additional 409 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Cedar Fair by 1.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 26,541 shares of the company’s stock worth $1,329,000 after purchasing an additional 497 shares in the last quarter. Finally, Ancora Advisors LLC raised its holdings in Cedar Fair by 34.6% during the first quarter. Ancora Advisors LLC now owns 2,139 shares of the company’s stock worth $106,000 after purchasing an additional 550 shares in the last quarter. 62.78% of the stock is owned by hedge funds and other institutional investors.

Cedar Fair Company Profile

(Get Rating)

Cedar Fair, L.P. owns and operates amusement and water parks, and complementary resort facilities in the United States and Canada. 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.