Short Interest in Cedar Fair, L.P. (NYSE:FUN) Decreases By 8.0%

Cedar Fair, L.P. (NYSE:FUN) saw a significant decline in short interest in September. As of September 15th, there was short interest totalling 9,030,000 shares, a decline of 8.0% from the August 31st total of 9,820,000 shares. Based on an average daily volume of 2,070,000 shares, the days-to-cover ratio is currently 4.4 days.

Institutional Trading of Cedar Fair

Several institutional investors have recently made changes to their positions in FUN. CWM LLC grew its holdings in Cedar Fair by 932.0% during the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after buying an additional 1,864 shares in the last quarter. 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 valued at $131,000 after buying an additional 300 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Cedar Fair by 94.1% during the 2nd 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 in the last quarter. Brookstone Capital Management purchased a new position in Cedar Fair during the 2nd quarter valued at approximately $215,000. Finally, Thrive Wealth Management LLC purchased a new position in Cedar Fair during the 2nd quarter valued at approximately $252,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Cedar Fair Trading Down 4.4 %

FUN stock traded down $1.76 during trading on Tuesday, reaching $38.55. The stock had a trading volume of 2,035,078 shares, compared to its average volume of 891,156. Cedar Fair has a 52 week low of $34.04 and a 52 week high of $58.70. The stock’s 50 day moving average is $43.18 and its two-hundred day moving average is $44.32. The firm has a market cap of $1.98 billion, a PE ratio of 15.86 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.06 by $0.02. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. The firm had revenue of $571.62 million for the quarter, compared to the consensus estimate of $525.57 million. On average, research analysts anticipate that Cedar Fair will post 2.09 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FUN shares. Mizuho dropped their price target on Cedar Fair from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Macquarie dropped their price target on Cedar Fair from $64.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. JPMorgan Chase & Co. dropped their target price on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. Stifel Nicolaus dropped their target price on Cedar Fair from $68.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, The Goldman Sachs Group dropped their target price on Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.91.

Cedar Fair Company Profile

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.