Howard Hughes (NYSE:HHH) Posts Quarterly Earnings Results, Misses Estimates By $1.42 EPS

Howard Hughes (NYSE:HHH) issued its earnings results on Thursday. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($1.42), FiscalAI reports. The business had revenue of $636.30 million for the quarter. Howard Hughes had a return on equity of 7.51% and a net margin of 12.31%. Howard Hughes’s revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.37 earnings per share.

Howard Hughes Stock Performance

Shares of NYSE HHH traded down $0.98 during midday trading on Thursday, reaching $78.08. 784,508 shares of the stock were exchanged, compared to its average volume of 949,146. 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 has a market cap of $4.66 billion, a price-to-earnings ratio of 16.00 and a beta of 1.17. The firm has a 50-day simple moving average of $68.87 and a two-hundred day simple moving average of $68.81. Howard Hughes has a twelve month low of $60.09 and a twelve month high of $91.07.

Insider Buying and Selling at Howard Hughes

In related news, Director Mary Tighe sold 13,495 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total transaction of $907,538.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Andrew D. Davis acquired 1,000 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was purchased at an average cost of $64.49 per share, with a total value of $64,490.00. Following the acquisition, the chief operating officer directly owned 32,530 shares of the company’s stock, valued at $2,097,859.70. This represents a 3.17% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 47.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HHH. Dimensional Fund Advisors LP grew its position in shares of Howard Hughes by 8.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,822,522 shares of the company’s stock valued at $178,549,000 after acquiring an additional 208,617 shares during the period. BlackRock Inc. purchased a new position in shares of Howard Hughes in the 2nd quarter valued at about $115,766,000. Donald Smith & CO. Inc. purchased a new position in shares of Howard Hughes in the 2nd quarter valued at about $71,691,000. Flat Footed LLC acquired a new position in Howard Hughes in the 2nd quarter worth about $44,353,683. Finally, Bank of America Corp DE acquired a new position in Howard Hughes in the 2nd quarter worth about $21,031,000. Institutional investors and hedge funds own 93.83% of the company’s stock.

Analyst Ratings Changes

HHH has been the topic of several recent research reports. Weiss Ratings raised shares of Howard Hughes from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 26th. JPMorgan Chase & Co. lifted their price objective on Howard Hughes from $76.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Piper Sandler reduced their price objective on Howard Hughes from $100.00 to $83.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. Finally, Zacks Research raised Howard Hughes from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Howard Hughes Company Profile

Howard Hughes Holdings Inc (NYSE: HHH) is a real estate development and operating company focused primarily on master planned communities, residential and commercial development, and the management of related real estate assets. The company develops large-scale communities that may include housing, retail, offices, schools, parks and other amenities, while generating revenue through land sales, development activities and property operations.

The company’s master planned community portfolio has included Summerlin in the Las Vegas area; Bridgeland, The Woodlands and The Woodlands Hills in the greater Houston area; and other communities and real estate assets in selected U.S.