We just covered the 10 Best Long-Term Stocks to Buy According to Bill Ackman and Seaport Entertainment Group Inc. (NYSE:SEG) ranks 9th on this list.
Seaport Entertainment Group Inc. (NYSE:SEG) first made an appearance in the 13F portfolio of Pershing Square in the third quarter of 2024. Back then, this position comprised just over 2 million shares. In the fourth quarter of 2024, the hedge fund added close to 140% to this stake, growing it to more than 5 million shares. No buying or selling activity has been registered against this holding in the past four quarters. The firm owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. It operates fine dining and casual dining restaurants, cocktail bars, and nightlife and entertainment venues under The Fulton, Mister Dips, Carne Mare, Malibu Farm, Gitano, and The Lawn Club brands.
Seaport Entertainment Group Inc. (NYSE:SEG) has been targeted by institutional investors ever since it became a separate entity, spinning off from parent firm Howard Hughes Holdings. This is because funds believe that target spinoffs like Seaport are undervalued by the market during their first year of independence. The spinoff has allowed the company more operational focus on entertainment and hospitality assets without being weighed down by broad land development projects. The company owns iconic properties including the South Street Seaport in Manhattan, the Las Vegas Aviators, and the Las Vegas Ballpark. These are viewed as high-barrier-to-entry trophy assets. Seaport is also investing in immersive entertainment for recurring revenue.
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