Howard Hughes (NYSE:HHC) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Howard Hughes (NYSE:HHC) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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. “

Separately, TheStreet downgraded Virtusa from a b- rating to a c+ rating in a report on Wednesday, May 29th.

Shares of HHC stock opened at $129.61 on Wednesday. The company has a market capitalization of $5.59 billion, a P/E ratio of 98.19 and a beta of 1.34. The business has a 50 day simple moving average of $110.77. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.36 and a current ratio of 1.36. Howard Hughes has a fifty-two week low of $89.51 and a fifty-two week high of $142.36.

Howard Hughes (NYSE:HHC) last issued its earnings results on Monday, May 6th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.32. The business had revenue of $353.89 million during the quarter, compared to the consensus estimate of $292.82 million. Howard Hughes had a return on equity of 2.71% and a net margin of 6.95%. The firm’s revenue for the quarter was up 118.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 earnings per share. On average, research analysts predict that Howard Hughes will post 3.94 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Real Estate Management Services LLC boosted its position in Howard Hughes by 2.6% in the second quarter. Real Estate Management Services LLC now owns 50,170 shares of the financial services provider’s stock worth $6,213,000 after purchasing an additional 1,260 shares during the last quarter. Arlington Partners LLC purchased a new position in Howard Hughes in the second quarter worth $311,000. PM CAPITAL Ltd boosted its position in Howard Hughes by 2.2% in the second quarter. PM CAPITAL Ltd now owns 277,608 shares of the financial services provider’s stock worth $34,379,000 after purchasing an additional 6,094 shares during the last quarter. First Trust Advisors LP boosted its position in Howard Hughes by 22.7% in the first quarter. First Trust Advisors LP now owns 45,386 shares of the financial services provider’s stock worth $4,992,000 after purchasing an additional 8,409 shares during the last quarter. Finally, FMR LLC boosted its position in Howard Hughes by 13.5% in the first quarter. FMR LLC now owns 826,538 shares of the financial services provider’s stock worth $90,920,000 after purchasing an additional 98,150 shares during the last quarter. Hedge funds and other institutional investors own 83.93% of the company’s stock.

About Howard Hughes

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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