Howard Hughes Corp (HHC) reported quarterly earnings results on Monday, Aug-8-2016. The company said it had a profit of $1.58 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.54. Analysts had a consensus of $1.04. The company posted revenue of $272.20 million in the period, compared to analysts expectations of $239.99 million. The company’s revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS.
Many Wall Street Analysts have commented on Howard Hughes Corp. Shares were Reiterated by Compass Point on May 23, 2016 to “Buy” and Lowered the Price Target to $ 195 from a previous price target of $200 .Citigroup Initiated Howard Hughes Corp on May 13, 2016 to “Buy”, Price Target of the shares are set at $165.
Howard Hughes Corp opened for trading at $119.45 and hit $120.78 on the upside on Friday, eventually ending the session at $120.48, with a gain of 1.29% or 1.53 points. The heightened volatility saw the trading volume jump to 76,620 shares. Company has a market cap of $4,798 M.
In a different news, on Jun 3, 2016, David Weinreb (Chief Executive Officer) purchased 13 shares at $109.34 per share price.
The Howard Hughes Corporation is a developer of master planned communities and mixed use properties. The Company is engaged in development of master planned communities and the ownership management and the redevelopment or repositioning of real estate assets which are generating revenues also called Operating Assets as well as other strategic real estate opportunities in the form of entitled and unentitled land and other development rights also called Strategic Developments. The Company operates its business in three segments: Master Planned Communities (MPC) Operating Assets and Strategic Developments. MPC segment consists of the development and sale of residential land and the development of commercial land to hold develop or sell. Operating Assets segment contains 44 properties investments and other assets that generate revenue consisting primarily of retail office and multi-family properties. Strategic Developments segment consists of 30 development projects.