Hovnanian Enterprises (NYSE:HOV) Trading 9.6% Higher – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV)’s share price traded up 9.6% during mid-day trading on Wednesday . The company traded as high as $140.00 and last traded at $139.7760. 36,148 shares traded hands during trading, a decline of 67% from the average session volume of 109,542 shares. The stock had previously closed at $127.49.

Analysts Set New Price Targets

HOV has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Citizens Jmp began coverage on shares of Hovnanian Enterprises in a research note on Thursday, April 9th. They issued a “market underperform” rating and a $74.00 price objective on the stock. Finally, Weiss Ratings downgraded shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Hovnanian Enterprises currently has a consensus rating of “Reduce” and a consensus price target of $97.00.

Hovnanian Enterprises Trading Up 13.4%

The company has a market cap of $847.53 million, a price-to-earnings ratio of 39.73 and a beta of 1.84. The business’s fifty day moving average price is $112.43 and its 200 day moving average price is $112.73. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.50 and a quick ratio of 0.40.

Hovnanian Enterprises (NYSE:HOV) last released its earnings results on Thursday, May 21st. The construction company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.04) by $1.58. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%. The business had revenue of $667.65 million during the quarter, compared to the consensus estimate of $626.40 million.

Insider Buying and Selling at Hovnanian Enterprises

In related news, CEO Ara K. Hovnanian sold 12,880 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $125.78, for a total transaction of $1,620,046.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 22.67% of the company’s stock.

Institutional Trading of Hovnanian Enterprises

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. increased its stake in Hovnanian Enterprises by 72.1% in the 2nd quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after buying an additional 181 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Hovnanian Enterprises by 614.1% in the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after acquiring an additional 479 shares in the last quarter. State of Wyoming bought a new position in shares of Hovnanian Enterprises in the first quarter valued at approximately $62,000. International Assets Investment Management LLC purchased a new stake in shares of Hovnanian Enterprises during the fourth quarter valued at approximately $117,000. Finally, Harbor Capital Advisors Inc. increased its position in shares of Hovnanian Enterprises by 38.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock valued at $134,000 after acquiring an additional 378 shares during the last quarter. 65.40% of the stock is owned by institutional investors.

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.