Hovnanian Enterprises (NYSE:HOV) announced its quarterly earnings results on Thursday, December 21st. The construction company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.06, RTT News reports. Hovnanian Enterprises had a negative net margin of 13.55% and a negative return on equity of 1.29%. The company had revenue of $721.70 million during the quarter, compared to the consensus estimate of $603.90 million. During the same quarter last year, the firm earned $0.16 earnings per share. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year.
Shares of Hovnanian Enterprises (NYSE:HOV) traded down $0.12 during midday trading on Friday, reaching $2.88. 3,048,059 shares of the company’s stock were exchanged, compared to its average volume of 2,613,741. Hovnanian Enterprises has a one year low of $1.66 and a one year high of $3.41. The company has a debt-to-equity ratio of -0.28, a quick ratio of 0.33 and a current ratio of 0.82. The company has a market cap of $442.78, a P/E ratio of -1.28 and a beta of 2.00.
Several brokerages have recently weighed in on HOV. ValuEngine upgraded shares of Hovnanian Enterprises from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. MKM Partners cut shares of Hovnanian Enterprises from a “neutral” rating to a “sell” rating and set a $1.75 target price on the stock. in a research note on Saturday, December 30th. Three research analysts have rated the stock with a sell rating and one has assigned a buy rating to the stock. Hovnanian Enterprises has a consensus rating of “Hold” and a consensus target price of $1.53.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Hovnanian Enterprises by 21.4% in the 1st quarter. Vanguard Group Inc. now owns 5,399,420 shares of the construction company’s stock worth $12,257,000 after buying an additional 953,607 shares during the last quarter. Blackstone Group L.P. bought a new position in Hovnanian Enterprises during the 3rd quarter valued at about $6,015,000. State Street Corp grew its holdings in Hovnanian Enterprises by 8.4% during the 2nd quarter. State Street Corp now owns 2,294,919 shares of the construction company’s stock valued at $6,428,000 after purchasing an additional 177,582 shares during the last quarter. Northern Trust Corp grew its holdings in Hovnanian Enterprises by 3.4% during the 2nd quarter. Northern Trust Corp now owns 1,428,606 shares of the construction company’s stock valued at $4,000,000 after purchasing an additional 47,262 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. grew its holdings in Hovnanian Enterprises by 37.8% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 1,179,532 shares of the construction company’s stock valued at $2,275,000 after purchasing an additional 323,400 shares during the last quarter. Hedge funds and other institutional investors own 32.14% of the company’s stock.
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About Hovnanian Enterprises
Hovnanian Enterprises, Inc is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services.
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