On a day where the stock market took a pummeling on European fears, “Mad Money” host Jim Cramer turned his focus to a company immune to the continental contagion.
Theme-park operator Cedar Fair, based in Sandusky, Ohio, owns 11 amusement parks, seven water parks and five hotels.
Cramer said he liked the company’s rising dividend - $1 per share this year and possibly as much as $1.65 in 2012.
“This is an incredible increasing dividend story,” he said. “That’s exactly what we need to tough it out through the European insanity.
Cedar Fair refinanced most of its $1.55 billion debt in July 2010, and it will save more in interest costs next year.
In August with the company’s stock at $17.30 a share, Cramer called FUN “a staycation play with a rising dividend.”
There are a few issues here, though.
Cedar Fair is still looking for a new CFO, its former COO has filed a lawsuit for back pay, and a new CEO takes over in January.
To discuss the company’s outlook, President Matthew Ouimet visited with “Mad Money.”
Watch the video for the complete interview with Ouimet.
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