Hovnanian Enterprises (NYSE:HOV) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Hovnanian Enterprises (NYSE:HOV) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other equities analysts have also commented on HOV. Weiss Ratings reiterated a “hold (c)” rating on shares of Hovnanian Enterprises in a report on Wednesday, October 8th. Zacks Research upgraded Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $120.00.

Hovnanian Enterprises Stock Down 2.2%

NYSE HOV opened at $99.54 on Friday. The company has a quick ratio of 0.40, a current ratio of 1.58 and a debt-to-equity ratio of 0.04. Hovnanian Enterprises has a fifty-two week low of $81.15 and a fifty-two week high of $162.05. The business has a 50 day moving average price of $116.64 and a two-hundred day moving average price of $123.66. The stock has a market cap of $592.23 million, a PE ratio of 13.29 and a beta of 2.10.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Thursday, December 4th. The construction company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($1.14). The firm had revenue of $817.90 million for the quarter, compared to analysts’ expectations of $814.50 million. Hovnanian Enterprises had a net margin of 2.14% and a return on equity of 15.33%. The company’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $13.84 EPS.

Institutional Trading of Hovnanian Enterprises

Large investors have recently modified their holdings of the company. Forager Capital Management LLC increased its position in Hovnanian Enterprises by 18.2% in the 2nd quarter. Forager Capital Management LLC now owns 239,500 shares of the construction company’s stock valued at $25,040,000 after acquiring an additional 36,828 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Hovnanian Enterprises by 292.2% in the 3rd quarter. Teacher Retirement System of Texas now owns 59,080 shares of the construction company’s stock worth $7,591,000 after buying an additional 44,017 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Hovnanian Enterprises by 46.2% in the third quarter. Two Sigma Investments LP now owns 47,574 shares of the construction company’s stock valued at $6,113,000 after buying an additional 15,041 shares during the period. Millennium Management LLC boosted its stake in Hovnanian Enterprises by 20.9% during the third quarter. Millennium Management LLC now owns 43,543 shares of the construction company’s stock valued at $5,595,000 after buying an additional 7,525 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in Hovnanian Enterprises during the third quarter valued at about $4,460,000. Institutional investors and hedge funds 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.