Cedar Fair (NYSE:FUN) is rated Neutral by Goldman Sachs Group

The Goldman Sachs Group confirmed its neutral rating for the company’s shares Cedar Fair (NYSE:FUN – Free Report) in a research note published on Wednesday morning, Benzinga reports. The firm currently has a price objective on the stock of $63.00.

Several other analysts have also commented on the stock. B. Riley raised their price target on Cedar Fair from $52.00 to $59.00 and gave the company a buy rating in a report on Wednesday, June 12. Truist Financial began coverage of Cedar Fair in a research note on Tuesday. They set a buy rating and a $62.00 price target for the stock. StockNews.com began coverage of Cedar Fair in a research note on Wednesday. They set a hold rating for the stock. Oppenheimer raised their price target on Cedar Fair from $49.00 to $67.00 and gave the company an outform rating in a research note on Tuesday, July 2. Finally, Morgan Stanley raised their price target on Cedar Fair from $55.00 to $65.00 and gave the company an overweight rating in a research note on Monday, July 1. Two investment analysts rated the stock as a hold, while nine have given the company a buy rating. The stock has an average rating of “Moderate Buy” and an average target price of $57.10, based on data from MarketBeat.com.

Check out our latest stock analysis on Cedar Fair

Cedar Fair Stock Performance

NYSE FUN opened at $53.52 on Wednesday. Cedar Fair has a yearly low of $34.04 and a yearly high of $58.70. The company’s 50 day moving average price is $46.88, and its 200 day moving average price is $42.63. The company has a market capitalization of $2.74 billion, a price to earnings ratio of 22.02 and a beta of 1.53.

Cedar Fair (NYSE:FUN – Get Free Report) last released its quarterly financial results on Thursday, May 9th. The company reported ($2.47) EPS for the quarter, missing the consensus estimate of ($2.40) by ($0.07). Cedar Fair had a net margin of 6.95% and a negative return on equity of 22.94%. The company had revenue of $101.62 million for the quarter, compared to analysts’ expectations of $91.97 million. Sell-side analysts are forecasting that Cedar Fair will post 3.41 EPS for the current fiscal year.

Cedar Fair Dividend Announcement

The company also recently disclosed a variable dividend, which was paid on Monday, July 1. Shareholders of record on Friday, June 28 received a dividend of $1.53. The ex-dividend date was Friday, June 28. Cedar Fair’s dividend payout ratio is currently 49.38%.

Hedge funds weigh in on Cedar Fair

Hedge funds have recently added to or decreased their holdings in the company. Goldman Sachs Group Inc. increased its holdings in Cedar Fair by 15.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock worth $159,553,000 after purchasing an additional 539,352 shares during the period. UBS Group AG increased its holdings in Cedar Fair by 313.7% in the fourth quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock worth $121,274,000 after purchasing an additional 2,310,565 shares during the period. JPMorgan Chase & Co. increased its holdings in 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 acquiring an additional 1,130,439 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Cedar Fair during the fourth quarter valued at $463,000. Finally, Jump Financial LLC acquired a new position in shares of Cedar Fair during the fourth quarter valued at $617,000. Institutional investors and hedge funds own 64.65% of the company’s shares.

Cedar Fair Company Profile

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Cedar Fair, LP owns and operates amusement parks and water parks, as well as complementary resorts. 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 located 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 located near Minneapolis/St.

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