Envestnet Asset Management Inc., a leading institutional investor, recently reported a staggering 51.6% increase in its ownership of Six Flags Entertainment Co. (NYSE:SIX) during the fourth quarter of the year. According to official filings with the Securities and Exchange Commission, Envestnet Asset Management Inc. now holds 40,881 shares of the company’s stock after acquiring an additional 13,921 shares during that period. The total holdings of Envestnet Asset Management Inc. in Six Flags Entertainment were worth $950,000 as of the most recent update filed with the SEC.
Six Flags Entertainment Corp, founded by Angus G. Wynne Jr., is involved in the operations and ownership of theme parks and water parks under its brand name – Six Flags. From thrilling rides to water attractions and shows to game venues, Six Flags provides immaculate entertainment for everyone who visits their facilities.
Multiple brokerages recently reported on SIX indicating a diversity of factors that investors should keep an eye out for. Specifically worth mentioning here is TheStreet’s downgraded ranking from “c” to “d+” on March 2nd this year, while StockNews.com has placed it at “hold”. It is important to note that Citigroup has raised its price objective on Six Flags Entertainment from $26 to $29 per share while Morgan Stanley assumed coverage on SIX with an “equal weight” rating and a price objective of $29 a share along with Truist Financial raising their rating from $24 to $25.
In conclusion, early indicators suggest that investors are looking for better ways to spend their money into budding markets that provide good opportunities for returns alongside sustainable growth in revenue over time. Despite ratings being mixed according to Bloomberg.com’s average rating criteria and an average price target of $31.25 USD per share; one can confidently assume Six Flags continues promising growth owing largely due to strong fundamentals and track record in operating successful theme parks.
Hedge Funds Make Significant Moves in Six Flags Entertainment Stock as CFO Purchases Shares
Six Flags Entertainment, a popular theme park and water park operator, has been on the radar of several hedge fund managers who have made significant changes to their positions in the company over the past year. BlackRock Inc. raised its position in Six Flags by 45.7% during the third quarter, now owning over nine million shares of the company’s stock worth $175,559,000. Vanguard Group Inc. grew its stake in Six Flags by 6.3% during the first quarter and Long Pond Capital LP grew their stake by 503.5% during the third quarter.
Thunderbird Partners LLP also grew its stake in Six Flags by 12.2% during the third quarter while HG Vora Capital Management LLC acquired a new stake in shares of Six Flags Entertainment.
It is worth noting that 92.11% of Six Flag’s stock is owned by institutional investors while only 0.49% of it is owned by insiders.
In other news, Chief Financial Officer Gary Mick purchased 5,000 shares of SIX stock at an average price of $26.62 per share for a total transaction of $133,100 on May 10th. Following this transaction, Mick now owns over eighty-two thousand shares of Six Flag’s stock valued at approximately $2,189,148.
Founded by Angus G.Wynne Jr., Six Flags operates under its brand name offering rides, water attractions, themed areas, concerts and shows, restaurants as well as retail outlets.
Six Flags Entertainment Corp has a market cap of $2.08 billion with a P/E ratio of 20.16 and a beta of 2.19.
The amusement park’s fifty-day moving average price stands at $25.13 with its two-hundred day moving average price standing at $25.07.
Recently released quarterly earnings data showed that despite expectations being low for high earnings returns from Six Flags Entertainment Corp., the company managed to slightly beat analysts’ consensus estimates.
Although the business had a negative return on equity, it was able to achieve net margins of 7.69% for the quarter while revenue was up by 3%. Analysts predict that Six Flags Entertainment Co. may post a solid earnings per share of 2.16 for the current fiscal year.
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