Bank of New York Mellon Corp Buys Shares of 107,980 Howard Hughes Holdings Inc. $HHH

Key Points

• Bank of New York Mellon acquired 107,980 shares of Howard Hughes Holdings, valued at approximately $7.7 million, during the second quarter. Institutional investors collectively own 93.83% of the company.
• Howard Hughes reported quarterly earnings of $2.68 per share, beating estimates of $0.49, while revenue rose 330.2% year over year to $1.12 billion.
• Analyst sentiment remains cautious, with the stock carrying an average “Reduce” rating and a $79 price target. Shares opened at $63.66, well below their 12-month high of $91.07.

Bank of New York Mellon Corp bought a new position in shares of Howard Hughes Holdings Inc. (NYSE:HHH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 107,980 shares of the company's stock, valued at approximately $7,719,000. Bank of New York Mellon Corp owned approximately 0.18% of Howard Hughes at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. State of Wyoming acquired a new position in shares of Howard Hughes during the second quarter worth $287,000. Valeo Financial Advisors LLC increased its holdings in Howard Hughes by 7.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 3,409 shares of the company's stock worth $244,000 after purchasing an additional 226 shares in the last quarter. Versant Capital Management Inc increased its holdings in Howard Hughes by 688.4% in the 2nd quarter. Versant Capital Management Inc now owns 883 shares of the company's stock worth $63,000 after purchasing an additional 771 shares in the last quarter. Bank of America Corp DE raised its position in Howard Hughes by 14.8% in the first quarter. Bank of America Corp DE now owns 304,520 shares of the company's stock valued at $19,264,000 after purchasing an additional 39,246 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Howard Hughes by 31.5% in the first quarter. California State Teachers Retirement System now owns 40,428 shares of the company's stock valued at $2,557,000 after purchasing an additional 9,694 shares during the last quarter. Institutional investors own 93.83% of the company's stock.

Howard Hughes Stock Up 0.8%

Shares of HHH opened at $63.66 on Friday. The stock's 50-day moving average price is $68.15 and its two-hundred day moving average price is $66.89. Howard Hughes Holdings Inc. has a 12 month low of $61.01 and a 12 month high of $91.07. The company has a market capitalization of $3.80 billion, a PE ratio of 12.89 and a beta of 1.14. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 1.35.

Howard Hughes (NYSE:HHH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $0.49 by $2.19. Howard Hughes had a return on equity of 7.51% and a net margin of 12.31%.The company had revenue of $1.12 billion during the quarter. During the same period in the previous year, the company posted ($0.22) EPS. The company's quarterly revenue was up 330.2% on a year-over-year basis. On average, analysts anticipate that Howard Hughes Holdings Inc. will post 2.77 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Zacks Research cut Howard Hughes from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their target price on shares of Howard Hughes from $76.00 to $79.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Wall Street Zen raised shares of Howard Hughes from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded shares of Howard Hughes from a "sell (d)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $79.00.

Insider Activity

In other news, Director Mary Tighe sold 13,495 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total value of $907,538.75. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 47.70% of the company's stock.

Howard Hughes Company Profile

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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