Howard Hughes Corporation (The) (HHC) Issues Quarterly Earnings Results, Misses Estimates By $0.80 EPS
Howard Hughes Corporation (The) (NYSE:HHC) issued its quarterly earnings results on Monday. The financial services provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.87 by $0.80, Morningstar.com reports. The firm had revenue of $308.60 million for the quarter, compared to the consensus estimate of $217.47 million. Howard Hughes Corporation (The) had a net margin of 6.27% and a return on equity of 7.54%. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 earnings per share.
Shares of Howard Hughes Corporation (NYSE HHC) traded down 1.05% during trading on Tuesday, reaching $124.45. 21,239 shares of the company’s stock were exchanged. The company has a 50 day moving average of $122.96 and a 200 day moving average of $119.78. Howard Hughes Corporation has a 12-month low of $101.20 and a 12-month high of $131.39. The stock has a market cap of $4.97 billion, a P/E ratio of 76.73 and a beta of 1.42.
In other news, EVP Christopher John Curry sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $126.62, for a total value of $3,798,600.00. Following the sale, the executive vice president now directly owns 42,935 shares of the company’s stock, valued at approximately $5,436,429.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 20.70% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in HHC. BlackRock Inc. increased its stake in Howard Hughes Corporation (The) by 5,170.7% in the first quarter. BlackRock Inc. now owns 1,700,839 shares of the financial services provider’s stock worth $199,423,000 after buying an additional 1,668,569 shares during the period. SG Americas Securities LLC bought a new stake in Howard Hughes Corporation (The) during the first quarter worth about $147,048,000. Epoch Investment Partners Inc. bought a new stake in Howard Hughes Corporation (The) during the first quarter worth about $26,618,000. Vanguard Group Inc. increased its stake in Howard Hughes Corporation (The) by 5.6% in the first quarter. Vanguard Group Inc. now owns 2,777,784 shares of the financial services provider’s stock worth $325,695,000 after buying an additional 146,116 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in Howard Hughes Corporation (The) by 357.1% in the second quarter. Canada Pension Plan Investment Board now owns 96,000 shares of the financial services provider’s stock worth $11,793,000 after buying an additional 75,000 shares during the period. 86.12% of the stock is currently owned by institutional investors and hedge funds.
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HHC has been the topic of several analyst reports. BWS Financial initiated coverage on shares of Howard Hughes Corporation (The) in a report on Thursday, June 8th. They set a “buy” rating and a $150.00 price target on the stock. BidaskClub downgraded shares of Howard Hughes Corporation (The) from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Howard Hughes Corporation (The) has a consensus rating of “Hold” and an average target price of $149.75.
About Howard Hughes Corporation (The)
The Howard Hughes Corporation is a developer of master planned communities and mixed use properties. The Company is engaged in the ownership, management and the redevelopment or repositioning of real estate assets, as well as other real estate opportunities in the form of entitled and unentitled land and other development rights, also called Strategic Developments.
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