Howard Hughes (NYSE:HHC) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Howard Hughes (NYSE:HHC) from a hold rating to a sell rating in a report published on Thursday, Zacks.com reports.

According to Zacks, “Howard Hughes Corporation operates as a real estate company engaged in the development of master planned communities and other strategic real estate development opportunities across the United States. The Company operates its business in two lines of business: Master Planned Communities and Strategic Development. Its Master Planned Communities segment consists of the development and sale of residential and commercial land, primarily in large-scale projects in and around Columbia, Maryland; Houston, Texas; and Las Vegas, Nevada. Its Strategic Development segment is made up of near, medium and long-term real estate properties and development projects. Howard Hughes Corporation is headquartered in Wacker Drive, Chicago. “

Several other analysts also recently weighed in on the stock. TheStreet downgraded shares of Howard Hughes from a c- rating to a d rating in a report on Monday, May 18th. Piper Sandler lifted their target price on shares of Howard Hughes from $55.00 to $60.00 and gave the company a neutral rating in a report on Monday, April 13th. Finally, BWS Financial reiterated a buy rating and issued a $80.00 target price on shares of Howard Hughes in a report on Monday, June 8th.

Howard Hughes stock traded down $0.42 during midday trading on Thursday, reaching $53.19. The company had a trading volume of 316,435 shares, compared to its average volume of 372,221. The company has a market capitalization of $2.92 billion, a P/E ratio of -27.85 and a beta of 1.62. Howard Hughes has a 12-month low of $35.10 and a 12-month high of $135.42. The firm’s fifty day simple moving average is $53.41 and its 200-day simple moving average is $73.44. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.91 and a quick ratio of 1.91.

Howard Hughes (NYSE:HHC) last issued its quarterly earnings results on Monday, May 11th. The financial services provider reported ($2.88) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($2.66). The company had revenue of $175.20 million during the quarter, compared to analysts’ expectations of $236.14 million. Howard Hughes had a negative net margin of 7.40% and a negative return on equity of 0.99%. The company’s quarterly revenue was down 50.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.74 earnings per share. On average, analysts expect that Howard Hughes will post -4.87 EPS for the current fiscal year.

In other news, Director Pershing Square Capital Manage sold 1,749,072 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $58.66, for a total transaction of $102,600,563.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 35.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new position in Howard Hughes during the second quarter worth approximately $42,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Howard Hughes during the 1st quarter valued at $46,000. Whittier Trust Co. grew its holdings in Howard Hughes by 24,000.0% during the 1st quarter. Whittier Trust Co. now owns 964 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 960 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Howard Hughes by 165.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,075 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 670 shares in the last quarter. Finally, Psagot Investment House Ltd. acquired a new stake in Howard Hughes during the 2nd quarter valued at $57,000. 90.62% of the stock is currently owned by hedge funds and other institutional investors.

About Howard Hughes

The Howard Hughes Corporation owns, manages, and develops commercial, residential, and hospitality operating properties in the United States. It operates through three segments: Operating Assets, Master Planned Communities, and Strategic Developments. The Operating Assets segment owns 15 retail, 28 office, 8 multi-family, and 4 hospitality properties, as well as 10 other operating assets and investments primarily located and around The Woodlands, Texas; Columbia, Maryland; New York, New York; Las Vegas, Nevada; and Honolulu, Hawai’i.

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