Hovnanian Enterprises, Inc. Class A (HOV) Upgraded to “Market Perform” at JMP Securities

Hovnanian Enterprises, Inc. Class A (NYSE:HOV) was upgraded by research analysts at JMP Securities from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage presently has a $1.30 price target on the construction company’s stock. JMP Securities’ target price suggests a potential downside of 18.75% from the stock’s current price.

Separately, ValuEngine cut shares of Hovnanian Enterprises, Inc. Class A from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd.

NYSE HOV opened at $1.60 on Tuesday. Hovnanian Enterprises, Inc. Class A has a twelve month low of $1.48 and a twelve month high of $3.41. The company has a debt-to-equity ratio of -0.15, a quick ratio of 0.23 and a current ratio of 0.81.

Hovnanian Enterprises, Inc. Class A (NYSE:HOV) last posted its quarterly earnings data on Monday, September 10th. The construction company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $456.70 million for the quarter, compared to analysts’ expectations of $504.30 million. During the same quarter in the previous year, the firm posted ($2.28) earnings per share. The company’s revenue for the quarter was down 22.9% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently bought and sold shares of HOV. Dimensional Fund Advisors LP grew its position in Hovnanian Enterprises, Inc. Class A by 86.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,561,077 shares of the construction company’s stock worth $4,687,000 after purchasing an additional 1,184,904 shares in the last quarter. Marathon Asset Management LP acquired a new stake in shares of Hovnanian Enterprises, Inc. Class A during the 1st quarter valued at $1,820,000. Millennium Management LLC boosted its stake in shares of Hovnanian Enterprises, Inc. Class A by 444.7% during the 1st quarter. Millennium Management LLC now owns 501,400 shares of the construction company’s stock valued at $918,000 after buying an additional 409,349 shares during the period. Lucas Capital Management acquired a new stake in shares of Hovnanian Enterprises, Inc. Class A during the 2nd quarter valued at $341,000. Finally, California Public Employees Retirement System boosted its stake in shares of Hovnanian Enterprises, Inc. Class A by 33.5% during the 1st quarter. California Public Employees Retirement System now owns 272,776 shares of the construction company’s stock valued at $499,000 after buying an additional 68,476 shares during the period. Hedge funds and other institutional investors own 37.16% of the company’s stock.

Hovnanian Enterprises, Inc. Class A Company Profile

Hovnanian Enterprises, Inc designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company markets its build homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 130 communities in 24 markets.

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