The Manufacturers Life Insurance Company Purchases New Stake in Howard Hughes Holdings Inc. $HHH

Key Points

• The Manufacturers Life Insurance Company acquired 16,897 shares of Howard Hughes Holdings, valued at approximately $1.21 million, during the second quarter. Institutional investors collectively own 93.83% of the company.
• Howard Hughes reported quarterly earnings of $2.68 per share, exceeding estimates of $0.49, while revenue surged 330.2% year over year to $1.12 billion.
• HHH shares opened at $64.03, near the lower end of their 12-month range. Analysts maintain a generally cautious outlook, with an average “Reduce” rating and a consensus price target of $79.

The Manufacturers Life Insurance Company bought a new stake in shares of Howard Hughes Holdings Inc. (NYSE:HHH - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 16,897 shares of the company's stock, valued at approximately $1,208,000.

A number of other institutional investors have also recently added to or reduced their stakes in HHH. Allworth Financial LP purchased a new position in Howard Hughes in the 2nd quarter worth approximately $31,000. EverSource Wealth Advisors LLC lifted its position in shares of Howard Hughes by 191.5% during the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the company's stock worth $35,000 after purchasing an additional 339 shares in the last quarter. Huntington National Bank lifted its position in shares of Howard Hughes by 134.1% during the fourth quarter. Huntington National Bank now owns 494 shares of the company's stock worth $39,000 after purchasing an additional 283 shares in the last quarter. Atlas Capital Advisors Inc. purchased a new position in shares of Howard Hughes in the fourth quarter valued at $43,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Howard Hughes in the fourth quarter valued at $43,000. 93.83% of the stock is owned by hedge funds and other institutional investors.

Howard Hughes Stock Up 0.8%

Shares of NYSE:HHH opened at $64.03 on Friday. The firm has a market cap of $3.82 billion, a PE ratio of 12.96 and a beta of 1.14. The company has a fifty day simple moving average of $67.98 and a 200 day simple moving average of $66.87. 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 Holdings Inc. has a 12-month low of $61.01 and a 12-month high of $91.07.

Howard Hughes (NYSE:HHH - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1.12 billion during the quarter. Howard Hughes had a net margin of 12.31% and a return on equity of 7.51%. Howard Hughes's revenue was up 330.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.22) earnings per share. On average, equities research analysts anticipate that Howard Hughes Holdings Inc. will post 2.77 EPS for the current fiscal year.

Insider Activity at Howard Hughes

In other news, Director Mary Tighe sold 13,495 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total transaction of $907,538.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 47.70% of the company's stock.

Wall Street Analysts Forecast Growth

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

Howard Hughes 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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