Rhumbline Advisers Trims Stake in Hovnanian Enterprises Inc (NYSE:HOV)

Rhumbline Advisers reduced its position in Hovnanian Enterprises Inc (NYSE:HOV) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,559 shares of the construction company’s stock after selling 291 shares during the quarter. Rhumbline Advisers owned 0.14% of Hovnanian Enterprises worth $896,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in Hovnanian Enterprises in the 4th quarter worth about $25,000. KLP Kapitalforvaltning AS bought a new position in Hovnanian Enterprises in the 4th quarter worth about $120,000. Brevan Howard Capital Management LP bought a new position in Hovnanian Enterprises in the 4th quarter worth about $204,000. Citadel Advisors LLC bought a new position in Hovnanian Enterprises in the 4th quarter worth about $269,000. Finally, Trexquant Investment LP bought a new position in Hovnanian Enterprises in the 4th quarter worth about $286,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

Hovnanian Enterprises Price Performance

Shares of HOV stock opened at $95.58 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 0.28. The company has a market capitalization of $566.29 million, a P/E ratio of 3.35 and a beta of 2.14. The company’s 50-day simple moving average is $97.28 and its two-hundred day simple moving average is $115.02. Hovnanian Enterprises Inc has a one year low of $81.15 and a one year high of $240.34.

Hovnanian Enterprises (NYSE:HOV) last released its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $733.20 million. The company’s revenue was down 3.1% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on HOV. Wall Street Zen downgraded shares of Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Wedbush restated a “neutral” rating and issued a $120.00 target price on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th.

Hovnanian Enterprises 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.