Saxon Interests Inc. Takes Position in Cedar Fair, L.P. (NYSE:FUN)

Saxon Interests Inc. bought a new position in Cedar Fair, L.P. (NYSE:FUN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,745 shares of the company’s stock, valued at approximately $308,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC raised its stake in Cedar Fair by 44.4% during the fourth quarter. Sound Income Strategies LLC now owns 2,771 shares of the company’s stock worth $110,000 after acquiring an additional 852 shares in the last quarter. Aurora Investment Counsel bought a new position in Cedar Fair during the 3rd quarter valued at about $2,142,000. Impala Asset Management LLC boosted its position in Cedar Fair by 21.9% in the third quarter. Impala Asset Management LLC now owns 379,040 shares of the company’s stock valued at $14,024,000 after buying an additional 68,150 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Cedar Fair by 50.5% during the third quarter. JPMorgan Chase & Co. now owns 3,370,752 shares of the company’s stock worth $124,718,000 after buying an additional 1,130,439 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Cedar Fair during the third quarter worth about $25,215,000. Institutional investors own 64.65% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FUN. StockNews.com began coverage on Cedar Fair in a report on Thursday. They issued a “buy” rating on the stock. KeyCorp increased their target price on Cedar Fair from $49.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Stifel Nicolaus lifted their price target on Cedar Fair from $49.00 to $52.00 and gave the company a “buy” rating in a report on Friday, February 16th. Truist Financial increased their price objective on shares of Cedar Fair from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Finally, B. Riley reaffirmed a “buy” rating and issued a $52.00 target price (up from $50.00) on shares of Cedar Fair in a research note on Friday, February 16th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $50.30.

Cedar Fair Stock Up 1.0 %

NYSE FUN traded up $0.43 during trading hours on Thursday, hitting $41.90. The company’s stock had a trading volume of 159,580 shares, compared to its average volume of 224,487. Cedar Fair, L.P. has a twelve month low of $34.04 and a twelve month high of $45.93. The firm has a market capitalization of $2.14 billion, a P/E ratio of 17.10 and a beta of 1.41. The stock has a fifty day moving average of $41.25 and a 200 day moving average of $39.16.

Cedar Fair (NYSE:FUN) last issued its earnings results on Thursday, February 15th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $371.12 million for 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%. On average, analysts predict that Cedar Fair, L.P. will post 3.28 earnings per share for the current year.

Cedar Fair Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.86%. The ex-dividend date was Tuesday, March 5th. Cedar Fair’s payout ratio is 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.