Hovnanian Enterprises Inc (NYSE:HOV) Director Sells $589,160.00 in Stock

Hovnanian Enterprises Inc (NYSE:HOV) Director Edward A. Kangas sold 5,500 shares of the business’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $107.12, for a total value of $589,160.00. Following the completion of the transaction, the director directly owned 5,338 shares of the company’s stock, valued at approximately $571,806.56. This trade represents a 50.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Hovnanian Enterprises Price Performance

Shares of Hovnanian Enterprises stock opened at $113.33 on Friday. The company has a quick ratio of 0.28, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. Hovnanian Enterprises Inc has a twelve month low of $81.15 and a twelve month high of $240.34. The business has a 50-day moving average price of $99.51 and a 200 day moving average price of $111.32. The firm has a market cap of $670.91 million, a PE ratio of 3.97 and a beta of 2.13.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Tuesday, May 20th. The construction company reported $2.43 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($0.02). Hovnanian Enterprises had a net margin of 7.03% and a return on equity of 33.18%. The business had revenue of $686.47 million during the quarter, compared to analysts’ expectations of $733.20 million. The business’s revenue was down 3.1% on a year-over-year basis.

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors and hedge funds have recently modified their holdings of HOV. Strs Ohio acquired a new position in shares of Hovnanian Enterprises during the first quarter valued at approximately $377,000. Belpointe Asset Management LLC raised its holdings in shares of Hovnanian Enterprises by 15.3% during the first quarter. Belpointe Asset Management LLC now owns 3,678 shares of the construction company’s stock valued at $385,000 after acquiring an additional 489 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Hovnanian Enterprises by 436.3% during the first quarter. Jane Street Group LLC now owns 9,106 shares of the construction company’s stock valued at $953,000 after acquiring an additional 7,408 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Hovnanian Enterprises by 2.0% during the first quarter. Empowered Funds LLC now owns 31,294 shares of the construction company’s stock valued at $3,277,000 after acquiring an additional 627 shares during the last quarter. Finally, Aristeia Capital L.L.C. acquired a new position in shares of Hovnanian Enterprises during the first quarter valued at approximately $400,000. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Wall Street Analyst Weigh In

HOV has been the subject of several analyst reports. Wall Street Zen cut Hovnanian Enterprises from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Wedbush restated a “neutral” rating and issued a $120.00 price target on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc, through its subsidiaries, designs, constructs, markets, and sells residential homes in the United States. It offers single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes with amenities, such as clubhouses, swimming pools, tennis courts, tot lots, and open areas.