Zacks Investment Research Upgrades Howard Hughes (NYSE:HHC) to Buy

Zacks Investment Research upgraded shares of Howard Hughes (NYSE:HHC) from a hold rating to a buy rating in a research note published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $123.00 target price on the financial services provider’s stock.

According to Zacks, “Howard Hughes Corporation operates as a real estate company engaged in the development of master planned communities and other strategic real estate development opportunities across the United States. The Company operates its business in two lines of business: Master Planned Communities and Strategic Development. Its Master Planned Communities segment consists of the development and sale of residential and commercial land, primarily in large-scale projects in and around Columbia, Maryland; Houston, Texas; and Las Vegas, Nevada. Its Strategic Development segment is made up of near, medium and long-term real estate properties and development projects. Howard Hughes Corporation is headquartered in Wacker Drive, Chicago. “

HHC stock traded down $0.42 during midday trading on Thursday, reaching $107.61. The stock had a trading volume of 360,723 shares, compared to its average volume of 238,580. The business has a fifty day simple moving average of $120.71 and a two-hundred day simple moving average of $119.36. The company has a quick ratio of 1.64, a current ratio of 1.81 and a debt-to-equity ratio of 1.09. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of 81.52 and a beta of 1.30. Howard Hughes has a twelve month low of $89.51 and a twelve month high of $135.42.

Howard Hughes (NYSE:HHC) last announced its quarterly earnings data on Monday, November 4th. The financial services provider reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.58. The firm had revenue of $231.17 million during the quarter, compared to analyst estimates of $234.78 million. Howard Hughes had a return on equity of 3.38% and a net margin of 7.58%. The company’s revenue was down 10.1% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. On average, equities analysts predict that Howard Hughes will post 0.78 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Glassman Wealth Services increased its position in Howard Hughes by 102.8% in the second quarter. Glassman Wealth Services now owns 509 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 258 shares during the period. Arlington Partners LLC acquired a new position in shares of Howard Hughes during the 2nd quarter worth about $311,000. UBS Asset Management Americas Inc. grew its position in shares of Howard Hughes by 22.1% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 49,820 shares of the financial services provider’s stock worth $6,170,000 after buying an additional 9,030 shares during the period. California Public Employees Retirement System grew its position in shares of Howard Hughes by 20.9% during the 3rd quarter. California Public Employees Retirement System now owns 101,877 shares of the financial services provider’s stock worth $13,203,000 after buying an additional 17,586 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Howard Hughes by 3.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 275,032 shares of the financial services provider’s stock worth $34,060,000 after buying an additional 8,041 shares during the period. Hedge funds and other institutional investors own 83.26% of the company’s stock.

Howard Hughes Company Profile

The Howard Hughes Corporation owns, manages, and develops commercial, residential, and hospitality operating properties in the United States. It operates through three segments: Operating Assets, Master Planned Communities, and Strategic Developments. The Operating Assets segment owns 15 retail, 28 office, 8 multi-family, and 4 hospitality properties, as well as 10 other operating assets and investments primarily located and around The Woodlands, Texas; Columbia, Maryland; New York, New York; Las Vegas, Nevada; and Honolulu, Hawai’i.

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