400,617 Shares in Howard Hughes Holdings Inc. $HHH Purchased by Norges Bank

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Howard Hughes Holdings, buying 400,617 shares valued at about $31.96 million and giving it a 0.67% ownership position.
• Howard Hughes stock was trading up 4.2% at $67.69, and the company reported better-than-expected quarterly earnings of $0.14 per share versus $0.08 expected, with revenue rising 18.4% year over year to $235.92 million.
• Sentiment remains cautious: several analysts have downgraded the stock, and the current consensus rating is Sell with an average target price of $85.00.

Norges Bank purchased a new position in shares of Howard Hughes Holdings Inc. (NYSE:HHH - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 400,617 shares of the company's stock, valued at approximately $31,957,000. Norges Bank owned 0.67% of Howard Hughes as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of HHH. Dimensional Fund Advisors LP increased its holdings in Howard Hughes by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,497,032 shares of the company's stock valued at $205,179,000 after buying an additional 9,102 shares during the period. American Century Companies Inc. increased its holdings in Howard Hughes by 0.3% in the 3rd quarter. American Century Companies Inc. now owns 747,495 shares of the company's stock valued at $61,422,000 after buying an additional 2,595 shares during the period. Crcm LP increased its holdings in Howard Hughes by 82.5% in the 3rd quarter. Crcm LP now owns 560,713 shares of the company's stock valued at $46,074,000 after buying an additional 253,490 shares during the period. Russell Investments Group Ltd. increased its holdings in Howard Hughes by 98.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 556,860 shares of the company's stock valued at $45,757,000 after buying an additional 276,083 shares during the period. Finally, Gotham Asset Management LLC increased its holdings in Howard Hughes by 31.5% in the 3rd quarter. Gotham Asset Management LLC now owns 337,199 shares of the company's stock valued at $27,708,000 after buying an additional 80,701 shares during the period. 93.83% of the stock is owned by institutional investors.

Howard Hughes Trading Up 4.2%

HHH opened at $67.69 on Wednesday. The company's 50 day moving average is $64.08 and its 200-day moving average is $73.36. Howard Hughes Holdings Inc. has a 1-year low of $61.01 and a 1-year high of $91.07. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.97. The company has a market cap of $4.04 billion, a P/E ratio of 33.18 and a beta of 1.14.

Howard Hughes (NYSE:HHH - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.06. Howard Hughes had a net margin of 8.04% and a return on equity of 5.41%. The company had revenue of $235.92 million for the quarter. During the same quarter in the previous year, the business posted $0.21 earnings per share. The company's revenue for the quarter was up 18.4% on a year-over-year basis. Equities research analysts predict that Howard Hughes Holdings Inc. will post 3.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider James Carman sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $64.20, for a total value of $96,300.00. Following the sale, the insider directly owned 22,096 shares in the company, valued at approximately $1,418,563.20. This trade represents a 6.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Joseph Valane purchased 1,260 shares of Howard Hughes stock in a transaction dated Friday, March 13th. The stock was bought at an average price of $64.45 per share, for a total transaction of $81,207.00. Following the completion of the purchase, the general counsel owned 29,209 shares in the company, valued at $1,882,520.05. This represents a 4.51% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 48.00% of the company's stock.

Analyst Ratings Changes

HHH has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Howard Hughes from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, April 6th. Zacks Research lowered shares of Howard Hughes from a "hold" rating to a "strong sell" rating in a report on Friday, April 24th. Finally, Wall Street Zen raised shares of Howard Hughes from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Sell" and an average target price of $85.00.

About Howard Hughes

Howard Hughes Holdings Inc, together with its subsidiaries, operates as a real estate development company in the United States. It operates in four segments: Operating Assets; Master Planned Communities (MPCs); Seaport; and Strategic Developments. The Operating Assets segment consists of developed or acquired retail, office, and multi-family properties along with other retail investments. Its MPCs segment develops, sells, and leases residential and commercial land designated for long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.

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