ING Bank NV has recently announced that it has increased stake in Cedar Fair L.P. (NYSE:FUN) by 29.33%. After grabbing 2.8 million shares, the institutional investor is now in possession of 0.63 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 4.91% having worth around $115.7 million. Moreover, Bank of America, NA increased its share by 0.39 million to have a control over 2.54 million shares. And Waratah Capital Advisors Ltd. raised its holdings to 51097.0 shares by acquiring 2.01 million shares or 3.53% of the stake.
Cedar Fair L.P. (FUN) concluded trading on 01/18/23 at a closing price of $42.09, with 0.2 million shares of worth about $8.38 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 4.49% during that period and on Wednesday the price saw a gain of about 0.05%. Currently the company’s common shares owned by public are about 56.38M shares, out of which, 53.52M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 26 times over the past 12 months. They bought 122,373 shares in 11 of the transactions. In 15 selling transactions, insiders dumped 69,609 shares.
Thrivent Small Cap Stock Fund, Xtrackers SICAV – S&P 500 Swap UC, and Franklin Mutual Ser. Fds. – Quest are the top 3 mutual funds which are holding stakes in Cedar Fair L.P. Thrivent Small Cap Stock Fund is currently holding 0.5 million shares of worth totaling $20.47 million. The company recently came buying 64093.0 shares which brought its stake up to 0.87% of the company’s outstanding shares. Franklin Mutual Ser. Fds. – Quest, after buying 0.31 million shares, have now control over 0.54% of the stake in the company. It holds 56853.0 shares of worth $12.74 million.
Cedar Fair L.P. (NYSE: FUN) started trading at $41.90, below -$0.17 from concluding price of the previous day. However, the stock later moved at a day high price of 42.52, or with a gain of 0.05%. Stock saw a price change of -0.92% in past 5 days and over the past one month there was a price change of 5.97%. Year-to-date (YTD), FUN shares are showing a performance of 1.81% which decreased to -9.54% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $37.58 but also hit the highest price of $62.56 during that period. The average intraday trading volume for Cedar Fair L.P. shares is 262.57K. The stock is currently trading 3.03% above its 20-day simple moving average (SMA20), while that difference is up 3.55% for SMA50 and it goes to -3.64% lower than SMA200.
ING Bank NV acquired 2.8 million shares of Cedar Fair L.P. having value of about $115.7 million. Data submitted at the U.S SEC by ING Bank NV revealed that the firm now holds 0.63 million shares in the company valued at close to $26714523.0, or have control over 29.33% stake in the company. Cedar Fair L.P. (NYSE: FUN) currently have 56.38M outstanding shares and institutions hold larger chunk of about 67.70% of that. Holding of mutual funds in the company is about 50.00% while other institutional holders and individual stake holders have control over 6.80% and 33.04% of the stake respectively.
The stock has a current market capitalization of $2.30B and its 3Y-monthly beta is at 1.51. PE ratio of stock for trailing 12 months is 8.94, while it has posted earnings per share of $4.71 in the same period. It has Quick Ratio of 0.80. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FUN, volatility over the week remained 2.01% while standing at 2.51% over the month.
Analysts are in expectations that Cedar Fair L.P. (FUN) stock would likely to be making an EPS of $3.86 in the current quarter, while forecast for next quarter EPS is -$0.24 and it is $3.24 for next year. For the current quarter EPS, analysts have given the company a lowest target $3.49 which is $4.16 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $2.6 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 91.80% while it is estimated to decrease by -43.02% in next year. EPS is likely to grow at an annualized rate of -2.12% for next 5-years, compared to annual growth of -17.80% made by the stock over the past 5-years.
Analysts at 8 brokerage firms have issued recommendations for the Cedar Fair L.P. (FUN)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 8 Wall Street analysts, 6 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Credit Suisse on October 31, 2022 offering a Neutral rating for the stock and assigned a target price range of between $74 and $42 to it. Coverage by Rosenblatt stated Cedar Fair L.P. (FUN) stock as a Neutral in their note to investors on April 26, 2022, suggesting a price target of $56 for the stock. On February 10, 2022, Citigroup Initiated their recommendations, while on November 17, 2021, Deutsche Bank Initiated their ratings for the stock with a price target of $66. Stock get a Buy rating from B. Riley Securities on November 05, 2020.
