ClubCorp Holdings’ (MYCC) Buy Rating Reiterated at FBR & Co
“On September 15, 2016, FrontFour Capital Group, which holds ~3.4% of MYCC (part of initial IPO), delivered a letter to CEO Eric Affeldt, explaining its belief that poor investor messaging has led to depressed valuation and urging the board to pursue strategic alternatives, including a potential sale of the company. The issues listed were nothing new to investors and have been talked about for some time now. We believe management has been doing a good job trying to ease concerns and address these issues. However, even with the stock up 32% since our initiation on June 29, 2016, vs. the S&P 500 up 4%, we agree with FrontFour that the stock remains undervalued, and we expect to see continued appreciation as it should become clearer that fundamentals are intact, many of these concerns are nonissues, and reinvention capital and leverage come down.”,” FBR & Co’s analyst commented.
A number of other brokerages have also recently weighed in on MYCC. Bank of America Corp. restated a buy rating on shares of ClubCorp Holdings in a report on Sunday, July 17th. Deutsche Bank AG restated a buy rating on shares of ClubCorp Holdings in a report on Sunday, July 17th. Goldman Sachs Group Inc. dropped their price objective on shares of ClubCorp Holdings from $20.00 to $17.00 in a report on Friday, May 27th. Zacks Investment Research cut shares of ClubCorp Holdings from a hold rating to a sell rating in a report on Tuesday, July 19th. Finally, Wells Fargo & Co. restated a buy rating on shares of ClubCorp Holdings in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. ClubCorp Holdings currently has a consensus rating of Buy and a consensus target price of $19.89.
Shares of ClubCorp Holdings (NYSE:MYCC) opened at 16.42 on Friday. ClubCorp Holdings has a 52-week low of $9.75 and a 52-week high of $23.04. The stock’s market cap is $1.08 billion. The company’s 50-day moving average is $14.71 and its 200-day moving average is $13.62.
ClubCorp Holdings (NYSE:MYCC) last released its quarterly earnings results on Thursday, July 14th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by $0.04. The company earned $269 million during the quarter. ClubCorp Holdings had a negative net margin of 0.74% and a negative return on equity of 1.25%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities analysts anticipate that ClubCorp Holdings will post $0.22 EPS for the current year.
In other news, EVP Andrew V. Miller sold 2,000 shares of the company’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $14.94, for a total value of $29,880.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MYCC. US Bancorp DE boosted its position in shares of ClubCorp Holdings by 15.8% in the second quarter. US Bancorp DE now owns 7,972 shares of the company’s stock valued at $104,000 after buying an additional 1,089 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of ClubCorp Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,033 shares of the company’s stock valued at $117,000 after buying an additional 1,096 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of ClubCorp Holdings by 461.2% in the first quarter. Envestnet Asset Management Inc. now owns 10,085 shares of the company’s stock valued at $142,000 after buying an additional 8,288 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of ClubCorp Holdings during the second quarter valued at about $150,000. Finally, First New York Securities LLC NY bought a new position in shares of ClubCorp Holdings during the second quarter valued at about $155,000. Institutional investors and hedge funds own 97.27% of the company’s stock.
About ClubCorp Holdings
ClubCorp Holdings, Inc is engaged in membership-based leisure business and an owner and operator of private golf and country clubs and business, sports and alumni clubs in North America. The Company operations are organized into two business segments: golf and country clubs, and business, sports and alumni clubs.
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