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

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Zacks Investment Research cut shares of Howard Hughes (NYSE:HHC) from a buy rating to a hold rating in a research report sent to investors on Saturday morning, 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. “

Shares of NYSE HHC traded up $1.85 during midday trading on Friday, reaching $108.03. 397,745 shares of the stock traded hands, compared to its average volume of 238,018. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.81 and a quick ratio of 1.64. The stock has a market capitalization of $4.60 billion, a PE ratio of 81.84 and a beta of 1.30. Howard Hughes has a one year low of $89.51 and a one year high of $135.42. The company’s 50 day moving average is $120.71 and its 200 day moving average is $119.36.

Howard Hughes (NYSE:HHC) last posted its earnings results on Monday, November 4th. The financial services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.58. The firm had revenue of $231.17 million during the quarter, compared to the consensus estimate of $234.78 million. Howard Hughes had a return on equity of 3.38% and a net margin of 7.58%. The company’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. As a group, equities analysts forecast that Howard Hughes will post 0.78 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of HHC. Parnassus Investments CA lifted its position in Howard Hughes by 101.1% in the third quarter. Parnassus Investments CA now owns 803,340 shares of the financial services provider’s stock worth $104,113,000 after buying an additional 403,774 shares during the last quarter. Caledonia Private Investments Pty Ltd lifted its position in Howard Hughes by 24.5% in the second quarter. Caledonia Private Investments Pty Ltd now owns 1,648,982 shares of the financial services provider’s stock worth $204,210,000 after buying an additional 324,348 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Howard Hughes in the second quarter worth $29,746,000. PenderFund Capital Management Ltd. lifted its position in Howard Hughes by 197.7% in the second quarter. PenderFund Capital Management Ltd. now owns 314,605 shares of the financial services provider’s stock worth $13,179,000 after buying an additional 208,923 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Howard Hughes in the second quarter worth $14,909,000. Institutional investors own 83.26% 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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