Hovnanian Enterprises (NYSE:HOV) Hits New 1-Year Low – Time to Sell?

Hovnanian Enterprises Inc (NYSE:HOV)’s stock price reached a new 52-week low on Tuesday. The stock traded as low as $90.17 and last traded at $90.36, with a volume of 250,309 shares trading hands. The stock had previously closed at $97.27.

Analysts Set New Price Targets

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

Hovnanian Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.36 and a current ratio of 1.46. The stock has a market cap of $538.55 million, a PE ratio of 95.12 and a beta of 1.82. The company’s 50 day simple moving average is $117.69 and its 200 day simple moving average is $119.12.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, August 20th. The construction company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). The business had revenue of $705.75 million during the quarter, compared to the consensus estimate of $723.50 million. Hovnanian Enterprises had a net margin of 0.64% and a return on equity of 8.64%. During the same quarter last year, the company earned $1.99 EPS.

Hedge Funds Weigh In On Hovnanian Enterprises

Hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC grew its holdings in Hovnanian Enterprises by 46.5% during the 1st quarter. Empowered Funds LLC now owns 73,146 shares of the construction company’s stock valued at $8,113,000 after buying an additional 23,234 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Hovnanian Enterprises by 101.9% in the 1st quarter. Sei Investments Co. now owns 35,288 shares of the construction company’s stock worth $3,914,000 after buying an additional 17,811 shares during the last quarter. Globeflex Capital L P bought a new position in Hovnanian Enterprises in the second quarter valued at $2,497,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Hovnanian Enterprises during the 2nd quarter valued at about $1,225,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of Hovnanian Enterprises by 21.2% in the 4th quarter. Pacer Advisors Inc. now owns 42,063 shares of the construction company’s stock worth $4,103,000 after acquiring an additional 7,353 shares during the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a residential homebuilder that operates under the K. Hovnanian Homes brand. The company designs, constructs and markets new homes, including single-family detached houses, townhomes, condominiums and active-adult communities. Its homes are offered in a range of sizes, styles and price points to serve first-time buyers, move-up buyers and customers seeking age-restricted housing.

The company also provides related services that support its homebuilding operations, including mortgage financing and title and settlement services, where available.