Howard Hughes Sees Unusually High Options Volume (NYSE:HHH)

Key Points

• Unusual options activity: Traders purchased 3,208 put options on Howard Hughes, nearly five times the typical volume of 540 contracts.
• Stock and earnings performance: HHH rose to $74.87 with substantially above-average trading volume. The company reported quarterly EPS of $2.68, beating estimates by $2.19, while revenue increased 330.2% year over year to $1.12 billion.
• Analyst sentiment remains neutral: Recent rating upgrades moved the stock from sell or strong sell to hold, and analysts have a consensus “Hold” rating with a $79 target price. Institutional investors own 93.83% of outstanding shares.

Howard Hughes Holdings Inc. (NYSE:HHH - Get Free Report) saw some unusual options trading on Tuesday. Stock traders bought 3,208 put options on the company. This represents an increase of 494% compared to the typical volume of 540 put options.

Howard Hughes Price Performance

NYSE HHH traded up $0.92 during trading hours on Tuesday, reaching $74.87. The company's stock had a trading volume of 1,128,765 shares, compared to its average volume of 483,947. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 15.16 and a beta of 1.14. Howard Hughes has a 1-year low of $60.09 and a 1-year high of $91.07. The company has a debt-to-equity ratio of 1.35, a current ratio of 2.31 and a quick ratio of 2.31. The company's 50-day moving average is $65.33 and its two-hundred day moving average is $65.71.

Howard Hughes (NYSE:HHH - Get Free Report) last announced its 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 return on equity of 7.51% and a net margin of 12.31%.The business had revenue of $1.12 billion during the quarter. During the same period in the previous year, the company earned ($0.22) earnings per share. The company's quarterly revenue was up 330.2% compared to the same quarter last year. On average, equities analysts predict that Howard Hughes will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

HHH has been the subject of a number of recent research reports. Weiss Ratings upgraded Howard Hughes from a "sell (d)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Zacks Research raised Howard Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, September 14th. Finally, JPMorgan Chase & Co. lifted their price target on Howard Hughes from $76.00 to $79.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $79.00.

Insider Activity

In related news, Director Mary Tighe sold 13,495 shares of Howard Hughes stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Andrew D. Davis acquired 1,000 shares of the stock in a transaction dated Wednesday, September 23rd. The shares were bought at an average price of $64.49 per share, with a total value of $64,490.00. Following the completion of the purchase, the chief operating officer directly owned 32,530 shares of the company's stock, valued at approximately $2,097,859.70. This trade represents a 3.17% increase in their position. The SEC filing for this purchase provides additional information. 47.70% of the stock is currently owned by company insiders.

Institutional Trading of Howard Hughes

Institutional investors and hedge funds have recently modified their holdings of the stock. Valeo Financial Advisors LLC raised its position in Howard Hughes by 7.1% in the second quarter. Valeo Financial Advisors LLC now owns 3,409 shares of the company's stock valued at $244,000 after purchasing an additional 226 shares during the period. Baird Financial Group Inc. raised its holdings in shares of Howard Hughes by 3.6% in the 2nd quarter. Baird Financial Group Inc. now owns 7,771 shares of the company's stock valued at $556,000 after buying an additional 272 shares during the period. Huntington National Bank lifted its stake in Howard Hughes by 134.1% during the 4th quarter. Huntington National Bank now owns 494 shares of the company's stock worth $39,000 after acquiring an additional 283 shares in the last quarter. Allworth Financial LP purchased a new position in Howard Hughes during the 2nd quarter valued at about $31,000. Finally, Versant Capital Management Inc lifted its position in shares of Howard Hughes by 688.4% during the second 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. Hedge funds and other institutional investors own 93.83% of the company's stock.

About Howard Hughes

Howard Hughes Holdings Inc is a real estate development and management company that creates and operates large-scale master planned communities, mixed-use properties and strategic real estate developments. Its activities include land development, homebuilder lot sales, commercial and multifamily development, retail operations and the management of community amenities and infrastructure.

The company's master planned communities include Summerlin in the Las Vegas area, The Woodlands and Bridgeland in the Houston area, The Woodlands Hills in Texas, Teravalis in the Phoenix area and Ward Village in Honolulu.

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