Hovnanian Enterprises (NYSE:HOV) Shares Down 6.1% – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV)’s share price traded down 6.1% during trading on Tuesday . The company traded as low as $106.78 and last traded at $106.01. 69,501 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 103,849 shares. The stock had previously closed at $112.91.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen upgraded Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Hovnanian Enterprises currently has a consensus rating of “Hold” and an average price target of $120.00.

Hovnanian Enterprises Trading Down 5.8%

The firm has a market cap of $631.71 million, a P/E ratio of 16.31 and a beta of 2.08. The business’s 50-day moving average is $116.80 and its two-hundred day moving average is $117.98. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 0.43.

Hovnanian Enterprises (NYSE:HOV) last released its earnings results on Wednesday, February 25th. The construction company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $3.60. The business had revenue of $631.95 million during the quarter, compared to the consensus estimate of $628.50 million. Hovnanian Enterprises had a net margin of 1.92% and a return on equity of 14.14%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its stake in shares of Hovnanian Enterprises by 21.2% in the fourth quarter. Pacer Advisors Inc. now owns 42,063 shares of the construction company’s stock valued at $4,103,000 after buying an additional 7,353 shares in the last quarter. Invesco Ltd. grew its stake in shares of Hovnanian Enterprises by 8.6% in the fourth quarter. Invesco Ltd. now owns 17,242 shares of the construction company’s stock valued at $1,682,000 after buying an additional 1,368 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Hovnanian Enterprises by 18.6% in the fourth quarter. Empowered Funds LLC now owns 49,912 shares of the construction company’s stock valued at $4,868,000 after buying an additional 7,829 shares in the last quarter. XTX Topco Ltd grew its stake in shares of Hovnanian Enterprises by 18.7% in the fourth quarter. XTX Topco Ltd now owns 3,663 shares of the construction company’s stock valued at $357,000 after buying an additional 576 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Hovnanian Enterprises in the fourth quarter valued at $1,141,000. Institutional investors own 65.40% of the company’s stock.

About Hovnanian Enterprises

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.