Horizon Kinetics LLC Decreased Stake in Howard Hughes Corp (NYSE:HHC) by $50.80 Million as Shares Declined


Murray Stahl decreased its stake in Howard Hughes Corp (NYSE:HHC) by 11.55% based on its latest 2016Q2 regulatory filing with the SEC. Horizon Kinetics Llc sold 483,769 shares as the company’s stock declined 2.98% while stock markets rallied. The hedge fund run by Murray Stahl held 3.70M shares of the real estate investment trusts company at the end of 2016Q2, valued at $392.31 million, down from 4.19M at the end of the previous reported quarter. Horizon Kinetics Llc who had been investing in Howard Hughes Corp for a number of months, seems to be less bullish one the $4.61B market cap company. The stock is down 0.71% or $0.83 after the negative news, hitting $115.38 per share. About 27,446 shares traded hands. Howard Hughes Corp (NYSE:HHC) has risen 35.18% since February 8, 2016 and is uptrending. It has outperformed by 18.69% the S&P500.

Horizon Kinetics Llc, which manages about $5.39B and $4.03B US Long portfolio, upped its stake in Texas Pacific Land Trust (NYSE:TPL) by 30,441 shares to 1.65 million shares, valued at $239.51M in 2016Q2, according to the filing. It also increased its holding in Dreamworks Animation Skg Inc (NASDAQ:DWA) by 7.19 million shares in the quarter, for a total of 7.21M shares, and has risen its stake in Doubleline Income Solutions (DSL).

Murray Stahl earned his B.A. and an M.A. from Brooklyn College before obtaining an MBA from Pace University. He was employed as a senior portfolio manager and research analyst by Bankers Trust Company for 16 years. In 1985, Stahl founded Horizon Kinetics, which would become the parent company of Horizon Asset Management Horizon Kinetics Llc is a New York-based hedge fund that was founded by Murray Stahl. It had more than $5.39 billion assets under management in April, 2014. Taken from Horizon Kinetics latest Adv, the fund reported to have 81 full and part-time employees. Among which 21 performing investment advisory and research functions. The hedge fund had more than 3700 clients.

The institutional sentiment decreased to 1.07 in 2016 Q2. Its down 0.03, from 1.1 in 2016Q1. The ratio fall, as 23 funds sold all HHC shares owned while 62 reduced positions. 19 funds bought stakes while 72 increased positions. They now own 30.48 million shares or 0.37% more from 30.37 million shares in 2016Q1.

Pershing Square Capital Management L.P. holds 5.43% of its portfolio in HHC for 3.57 million shares. 13D Management Llc owns 115,276 shares or 5.42% of their US portfolio. Moreover, Swift Run Capital Management Llc has 5.22% invested in the company for 71,488 shares. The Louisiana-based Villere St Denis J & Co Llc has invested 4.91% in the stock. Menlo Advisors Llc, a California-based fund reported 47,931 shares.

Out of 4 analysts covering Howard Hughes (NYSE:HHC), 3 rate it a “Buy”, 1 “Sell”, while 0 “Hold”. This means 75% are positive. $195 is the highest target while $165 is the lowest. The $177 average target is 53.41% above today’s ($115.38) stock price. Howard Hughes has been the topic of 6 analyst reports since September 24, 2015 according to StockzIntelligence Inc. Compass Point maintained the stock on May 23 with “Buy” rating. TheStreet downgraded the shares of HHC in a report on September 24 to “Sell” rating.

The Howard Hughes Corporation is a developer of master planned communities and mixed use properties. The company has a market cap of $4.61 billion. The Firm is engaged in development of master planned communities and the ownership, management and the redevelopment or repositioning of real estate assets, as well as other real estate opportunities in the form of entitled and unentitled land and other development rights, also called Strategic Developments. It has a 14.78 P/E ratio. The Firm operates its business in three divisions: Master Planned Communities, Operating Assets and Strategic Developments.

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