VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.23 Million in Hovnanian Enterprises Inc $HOV

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Hovnanian Enterprises Inc (NYSE:HOV) during the 2nd quarter, Holdings Channel reports. The firm acquired 8,600 shares of the construction company’s stock, valued at approximately $1,225,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in Hovnanian Enterprises during the second quarter valued at approximately $43,000. Osaic Holdings Inc. increased its stake in shares of Hovnanian Enterprises by 72.1% in the 2nd quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after purchasing an additional 181 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Hovnanian Enterprises by 614.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after purchasing an additional 479 shares in the last quarter. State of Wyoming bought a new position in Hovnanian Enterprises in the 1st quarter worth $62,000. Finally, Walleye Capital LLC bought a new position in Hovnanian Enterprises in the 4th quarter worth $213,000. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Hovnanian Enterprises Stock Up 2.6%

HOV opened at $116.20 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.36 and a current ratio of 1.46. Hovnanian Enterprises Inc has a fifty-two week low of $91.52 and a fifty-two week high of $162.05. The firm’s fifty day moving average is $128.19 and its 200 day moving average is $119.49. The stock has a market cap of $692.55 million, a price-to-earnings ratio of 122.32 and a beta of 1.83.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, August 20th. The construction company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.14). Hovnanian Enterprises had a return on equity of 8.64% and a net margin of 0.64%.The firm had revenue of $705.75 million during the quarter, compared to the consensus estimate of $723.50 million. During the same period in the prior year, the company posted $1.99 EPS.

Insider Activity

In related news, Director J Larry Sorsby sold 1,032 shares of the stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $142.57, for a total transaction of $147,132.24. Following the completion of the sale, the director owned 187,416 shares in the company, valued at approximately $26,719,899.12. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ara Hovnanian sold 12,880 shares of Hovnanian Enterprises stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $125.78, for a total value of $1,620,046.40. The disclosure for this sale is available in the SEC filing. 22.67% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on HOV shares. Weiss Ratings lowered Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 31st. Citigroup reaffirmed a “market underperform” rating on shares of Hovnanian Enterprises in a research note on Friday, August 21st. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $74.00.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.