ClubCorp Holdings’ (MYCC) Buy Rating Reiterated at FBR & Co
FBR & Co reissued their buy rating on shares of ClubCorp Holdings Inc. (NYSE:MYCC) in a research report report published on Friday morning. The firm currently has a $17.00 price objective on the stock.
“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.
Several other research firms have also commented 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. cut their price target on shares of ClubCorp Holdings from $20.00 to $17.00 in a report on Friday, May 27th. Zacks Investment Research lowered 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 research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. ClubCorp Holdings has a consensus rating of Buy and an average target price of $19.89.
ClubCorp Holdings (NYSE:MYCC) opened at 16.42 on Friday. The firm’s market cap is $1.08 billion. ClubCorp Holdings has a one year low of $9.75 and a one year high of $23.04. The stock has a 50 day moving average of $14.71 and a 200 day moving average of $13.62.
ClubCorp Holdings (NYSE:MYCC) last posted its quarterly earnings results on Thursday, July 14th. The company reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.04. ClubCorp Holdings had a negative net margin of 0.74% and a negative return on equity of 1.25%. The business earned $269 million during the quarter. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts forecast that ClubCorp Holdings will post $0.22 earnings per share for the current year.
In other news, EVP Andrew V. Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $14.94, for a total transaction of $29,880.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in ClubCorp Holdings by 39.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 259,578 shares of the company’s stock worth $3,375,000 after buying an additional 73,516 shares in the last quarter. Legal & General Group Plc increased its position in ClubCorp Holdings by 5.0% in the second quarter. Legal & General Group Plc now owns 14,602 shares of the company’s stock worth $186,000 after buying an additional 689 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in ClubCorp Holdings by 52.4% in the second quarter. Metropolitan Life Insurance Co. NY now owns 47,424 shares of the company’s stock worth $617,000 after buying an additional 16,302 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in ClubCorp Holdings during the second quarter worth approximately $1,668,000. Finally, Clearline Capital LP increased its position in ClubCorp Holdings by 2.6% in the second quarter. Clearline Capital LP now owns 944,304 shares of the company’s stock worth $12,276,000 after buying an additional 23,835 shares in the last quarter. 97.27% of the stock is owned by hedge funds and other institutional investors.
ClubCorp Holdings Company Profile
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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