Citizens Jmp Begins Coverage on Hovnanian Enterprises (NYSE:HOV)

Investment analysts at Citizens Jmp started coverage on shares of Hovnanian Enterprises (NYSE:HOV) in a research note issued on Thursday, MarketBeat reports. The firm set a “market underperform” rating and a $74.00 price target on the construction company’s stock. Citizens Jmp’s target price points to a potential downside of 29.53% from the company’s current price.

HOV has been the subject of a number of other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Hovnanian Enterprises in a research report on Thursday, January 22nd. Wall Street Zen raised shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $97.00.

Hovnanian Enterprises Stock Performance

Shares of HOV opened at $105.01 on Thursday. The firm has a 50-day moving average of $116.48 and a 200-day moving average of $117.44. Hovnanian Enterprises has a one year low of $83.57 and a one year high of $162.05. The company has a market cap of $623.76 million, a PE ratio of 16.08 and a beta of 2.08. 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 announced its quarterly earnings data on Wednesday, February 25th. The construction company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of ($0.98) by $3.60. Hovnanian Enterprises had a net margin of 1.92% and a return on equity of 14.14%. The company had revenue of $631.95 million during the quarter, compared to the consensus estimate of $628.50 million.

Institutional Trading of Hovnanian Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new stake in shares of Hovnanian Enterprises during the 3rd quarter worth about $35,000. Osaic Holdings Inc. raised 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 worth $45,000 after purchasing an additional 181 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Hovnanian Enterprises by 614.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after purchasing an additional 479 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Hovnanian Enterprises in the 4th quarter worth about $117,000. Finally, Harbor Capital Advisors Inc. raised its stake in Hovnanian Enterprises by 38.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock worth $134,000 after purchasing an additional 378 shares in the last quarter. Institutional investors own 65.40% of the company’s stock.

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.