B. Riley Weighs in on Cedar Fair, L.P.’s FY2024 Earnings (NYSE:FUN)

Cedar Fair, L.P. (NYSE:FUN) – Investment analysts at B. Riley lowered their FY2024 earnings estimates for Cedar Fair in a research note issued on Thursday, April 18th. B. Riley analyst E. Wold now anticipates that the company will post earnings per share of $2.74 for the year, down from their prior estimate of $2.81. B. Riley has a “Buy” rating and a $52.00 price target on the stock. The consensus estimate for Cedar Fair’s current full-year earnings is $3.28 per share. B. Riley also issued estimates for Cedar Fair’s FY2025 earnings at $3.71 EPS.

Cedar Fair (NYSE:FUN) last released its earnings results on Thursday, February 15th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The business had revenue of $371.12 million during the quarter, compared to the consensus estimate of $365.13 million. Cedar Fair had a net margin of 6.96% and a negative return on equity of 21.06%.

FUN has been the subject of a number of other research reports. StockNews.com began coverage on shares of Cedar Fair in a research report on Saturday, April 13th. They issued a “buy” rating for the company. Mizuho began coverage on shares of Cedar Fair in a research report on Tuesday, March 26th. They issued a “buy” rating and a $56.00 price objective for the company. Oppenheimer assumed coverage on shares of Cedar Fair in a research report on Thursday, February 8th. They issued an “outperform” rating and a $49.00 price objective for the company. KeyCorp raised their target price on shares of Cedar Fair from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Finally, Stifel Nicolaus raised their target price on shares of Cedar Fair from $49.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cedar Fair currently has a consensus rating of “Buy” and an average price target of $50.30.

Cedar Fair Price Performance

Shares of FUN opened at $38.55 on Friday. The firm has a 50-day moving average of $41.31 and a 200-day moving average of $39.31. Cedar Fair has a one year low of $34.04 and a one year high of $45.39. The company has a market cap of $1.97 billion, a PE ratio of 15.73 and a beta of 1.41.

Institutional Investors Weigh In On Cedar Fair

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its holdings in Cedar Fair by 10.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after acquiring an additional 300 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Cedar Fair by 15.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock worth $159,553,000 after acquiring an additional 539,352 shares during the last quarter. Weiss Multi Strategy Advisers LLC bought a new stake in Cedar Fair during the 4th quarter worth approximately $659,000. Tower Research Capital LLC TRC grew its holdings in Cedar Fair by 201.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 841 shares of the company’s stock worth $33,000 after acquiring an additional 562 shares during the last quarter. Finally, UBS Group AG grew its holdings in Cedar Fair by 313.7% during the 4th quarter. UBS Group AG now owns 3,047,096 shares of the company’s stock worth $121,274,000 after acquiring an additional 2,310,565 shares during the last quarter. 64.65% of the stock is owned by institutional investors.

Cedar Fair Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Tuesday, March 5th. Cedar Fair’s payout ratio is presently 48.98%.

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.