Howard Hughes (NYSE:HHH) Shares Gap Up – Still a Buy?

Howard Hughes Holdings Inc. (NYSE:HHH) gapped up before the market opened on Monday. The stock had previously closed at $70.19, but opened at $73.16. Howard Hughes shares last traded at $73.6650, with a volume of 213,933 shares changing hands.

Analyst Upgrades and Downgrades

HHH has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on Howard Hughes from $76.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Piper Sandler lowered their price target on Howard Hughes from $100.00 to $83.00 and set an “overweight” rating on the stock in a research report on Monday, October 12th. Weiss Ratings upgraded Howard Hughes from a “sell (d)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Finally, Zacks Research upgraded Howard Hughes from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Howard Hughes presently has an average rating of “Moderate Buy” and a consensus target price of $81.00.

Howard Hughes Trading Up 4.8%

The company has a debt-to-equity ratio of 1.35, a quick ratio of 2.31 and a current ratio of 2.31. The stock has a market cap of $4.39 billion, a P/E ratio of 14.90 and a beta of 1.14. The company has a 50-day simple moving average of $67.16 and a 200-day simple moving average of $66.77.

Howard Hughes (NYSE:HHH) last announced its earnings results on Wednesday, August 5th. The company reported $2.68 EPS 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 company had revenue of $1.12 billion for the quarter. During the same quarter in the previous year, the company posted ($0.22) EPS. Howard Hughes’s revenue for the quarter was up 330.2% on a year-over-year basis. On average, sell-side analysts forecast that Howard Hughes Holdings Inc. will post 4.47 EPS for the current fiscal year.

Insider Transactions at Howard Hughes

In other news, Director Mary Tighe sold 13,495 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total transaction of $907,538.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Andrew D. Davis purchased 1,000 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were bought at an average cost of $64.49 per share, for a total transaction 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 $2,097,859.70. The trade was a 3.17% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 47.70% of the company’s stock.

Institutional Investors Weigh In On Howard Hughes

Institutional investors and hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC raised its holdings in Howard Hughes by 520.5% during the 2nd quarter. Squarepoint Ops LLC now owns 83,379 shares of the company’s stock worth $5,961,000 after purchasing an additional 69,941 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Howard Hughes during the second quarter valued at approximately $1,208,000. Legal & General Group Plc bought a new position in shares of Howard Hughes during the second quarter worth $1,953,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Howard Hughes during the second quarter worth $2,481,000. Finally, JCP Investment Management LLC grew its holdings in shares of Howard Hughes by 29.3% in the 1st quarter. JCP Investment Management LLC now owns 234,100 shares of the company’s stock valued at $14,809,000 after buying an additional 53,000 shares during the period. Institutional investors own 93.83% of the company’s stock.

About Howard Hughes

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.