HOWARD HUGHES HOLDINGS INC. $76 is a hold. The company (New York symbol HHH; Manufacturing sector; Shares outstanding: 50.1 million; Market cap: $3.8 billion; No dividend paid; Takeover Target Rating: Medium; www.howardhughes.com) was originally part of billionaire businessman Howard Hughes’ real estate holdings. Today, it’s a Dallas-based developer of housing, commercial and mixed-use properties in six U.S. states.
Activist investor Bill Ackman, through his Pershing Square hedge fund, holds roughly 37% of Hughes and serves as its chairman.
The company now plans to spin off its Seaport division as a separate firm. This business owns Seaport entertainment district in lower Manhattan, a triple-A minor league baseball team in Las Vegas and other entertainment-related investments.
The spinoff will create a “pure-play” real estate developer. That could turn it into an attractive takeover target. However, real estate values are sensitive to interest rates, and the likelihood that rates will remain elevated until later in 2024 could depress the stock price.
Howard Hughes is a hold. hold…
Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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The privacy of the site/store visitor is very important to TSI Network, and is respected at all times. The information we receive from customers helps us to personalize and continually improve your online experience at TSI Network.
We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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