Hovnanian Enterprises (NYSE:HOV) Given Neutral Rating at Wedbush

Wedbush reissued their neutral rating on shares of Hovnanian Enterprises (NYSE:HOV) in a research report released on Monday morning,Benzinga reports. The firm currently has a $120.00 price objective on the construction company’s stock.

Separately, Wall Street Zen downgraded Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st.

Hovnanian Enterprises Trading Down 1.9%

HOV opened at $152.99 on Monday. The business’s 50-day simple moving average is $117.06 and its 200-day simple moving average is $109.19. The company has a market cap of $905.72 million, a P/E ratio of 5.36 and a beta of 2.19. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.28 and a current ratio of 1.58. Hovnanian Enterprises 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 results 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). The firm had revenue of $686.47 million for the quarter, compared to analysts’ expectations of $733.20 million. Hovnanian Enterprises had a return on equity of 33.18% and a net margin of 7.03%. The business’s revenue was down 3.1% on a year-over-year basis.

Insiders Place Their Bets

In other Hovnanian Enterprises news, Director Edward A. Kangas sold 5,500 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $107.12, for a total transaction of $589,160.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 19.77% of the company’s stock.

Institutional Trading of Hovnanian Enterprises

A number of hedge funds have recently added to or reduced their stakes in the stock. Caxton Associates LLP lifted its holdings in shares of Hovnanian Enterprises by 72.0% in the 2nd quarter. Caxton Associates LLP now owns 9,820 shares of the construction company’s stock valued at $1,027,000 after buying an additional 4,112 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Hovnanian Enterprises by 614.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after buying an additional 479 shares during the period. Rafferty Asset Management LLC lifted its holdings in shares of Hovnanian Enterprises by 14.0% in the 2nd quarter. Rafferty Asset Management LLC now owns 3,752 shares of the construction company’s stock valued at $392,000 after buying an additional 461 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Hovnanian Enterprises by 39.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 17,942 shares of the construction company’s stock valued at $1,876,000 after buying an additional 5,043 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Hovnanian Enterprises by 32.2% in the 2nd quarter. Bank of America Corp DE now owns 21,225 shares of the construction company’s stock valued at $2,219,000 after buying an additional 5,164 shares during the period. 65.40% of the stock is owned by institutional investors and hedge funds.

About Hovnanian Enterprises

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.