Howard Hughes Corp. stock tumbles as chairman plans to sell
The stock price for The Howard Hughes Corp. tumbled Wednesday after the developer disclosed that its chairman and largest shareholder planned to unload a chunk of his holdings.
Howard Hughes stock fell 4.13 percent, or $5.48, to $127.36 in trading on the New York Stock Exchange. The drop followed Tuesday’s announcement that billionaire Bill Ackman’s hedge fund planned to sell 2.5 million of its shares in the company.
By comparison, the Dow Jones Industrial Average rose 0.4 percent Wednesday and the S&P 500 was up 0.64 percent.
In after-hours trading Hughes stock rose by 0.58 percent, or 74 cents, to $128.19.
Dallas-based Howard Hughes is the developer of Las Vegas’ 22,500-acre Summerlin community, among other U.S. projects.
Ackman’s Pershing Square Capital Management held 5.48 million shares, or 13.6 percent of Hughes stock, as of March 2017. The second-largest shareholder, Horizon Kinetics, had 2.9 million shares as of March, or 7.2 percent of the company, according to a securities filing.
After the proposed sale, Ackman’s hedge fund would own 5.1 percent of Hughes common stock, his group said Tuesday.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
