Howard Hughes Holdings Inc. $HHH Shares Sold by Rivernorth Capital Management LLC

Key Points

• Rivernorth Capital Management cut its Howard Hughes stake by 43% in the second quarter, selling 64,204 shares and retaining 85,000 shares valued at approximately $6.1 million.
• Institutional investors own 93.83% of Howard Hughes, while analysts maintain a generally cautious outlook: the consensus rating is “Reduce” with an average price target of $79.
• Howard Hughes reported significantly better-than-expected quarterly results, with earnings of $2.68 per share versus a $0.49 estimate and revenue of $1.12 billion, up 330.2% year over year. Shares recently opened at $64.80, near the lower end of their 52-week range.

Rivernorth Capital Management LLC lessened its stake in Howard Hughes Holdings Inc. (NYSE:HHH - Free Report) by 43.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,000 shares of the company's stock after selling 64,204 shares during the period. Rivernorth Capital Management LLC owned about 0.14% of Howard Hughes worth $6,077,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP purchased a new stake in Howard Hughes during the second quarter worth $31,000. EverSource Wealth Advisors LLC boosted its stake in shares of Howard Hughes by 191.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 516 shares of the company's stock worth $35,000 after acquiring an additional 339 shares in the last quarter. Huntington National Bank grew its position in shares of Howard Hughes by 134.1% during the 4th quarter. Huntington National Bank now owns 494 shares of the company's stock valued at $39,000 after acquiring an additional 283 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Howard Hughes during the 4th quarter valued at about $43,000. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Howard Hughes in the 4th quarter valued at about $43,000. 93.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on HHH. Weiss Ratings upgraded Howard Hughes from a "sell (d)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective 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 upgraded shares of Howard Hughes from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Zacks Research lowered shares of Howard Hughes from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $79.00.

Howard Hughes Stock Performance

Shares of HHH opened at $64.80 on Monday. Howard Hughes Holdings Inc. has a 52-week low of $61.01 and a 52-week high of $91.07. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.35. The firm's fifty day moving average is $68.53 and its two-hundred day moving average is $67.43. The stock has a market cap of $3.87 billion, a PE ratio of 13.12 and a beta of 1.14.

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

Insider Transactions at Howard Hughes

In other Howard Hughes news, Director Mary Ann Tighe sold 13,495 shares of the business's stock in a transaction dated 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 can be accessed through this hyperlink. 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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