Pershing Square Capital Management, L.P., a director and more than 10% owner of Howard Hughes’ (NYSE:HHH) shares, continues to shower love on HHH stock. It is worth mentioning that the billionaire investor Bill Ackman is the CEO and founder of Pershing Square Capital, a hedge fund management company. Also, he is the chairman of Howard Hughes’ board.
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HHH is a real estate development and management company with a major focus on several master-planned communities (MPCs).
In the SEC filing, the hedge fund disclosed the purchase of 173,722 shares of Howard Hughes in multiple transactions, for a total value of $12.7 million. These purchases were made at prices ranging from $72.68 to $74.01. It is worth highlighting that Pershing Square Capital now owns HHH stock worth $1.34 billion.
Interestingly, Ackman’s passion for HHH seems to be only growing. This month, he bought shares of Howard Hughes worth $67.9 million. Following the recent purchase, the hedge fund management firm’s stake in HHH has increased by 10.2% to 18.53 million shares from 16.81 million shares, as per the latest 13F filing for the September quarter.
As per the data collected by TipRanks, Pershing’s performance track record shows a 45% success rate in the past three months, with an average return of 2.1% per transaction.
Is Howard Hughes Stock a Buy?
Wall Street analysts are highly optimistic about Howard Hughes. It has a Strong Buy consensus rating based on five unanimous Buys. The average HHH stock price target of $95.20 implies 30.6% upside potential. Shares of the company have lost 4.3% so far in 2023.
