Hovnanian Enterprises (NYSE:HOV) Stock Crosses Above 200 Day Moving Average – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $119.62 and traded as high as $120.64. Hovnanian Enterprises shares last traded at $116.2050, with a volume of 90,214 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HOV. Citigroup restated a “market underperform” rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Weiss Ratings cut shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 31st. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Hovnanian Enterprises presently has an average rating of “Reduce” and a consensus price target of $74.00.

Hovnanian Enterprises Trading Up 2.6%

The business has a 50 day simple moving average of $128.56 and a 200 day simple moving average of $119.51. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.46 and a quick ratio of 0.36. The company has a market cap of $692.55 million, a price-to-earnings ratio of 122.32 and a beta of 1.83.

Hovnanian Enterprises (NYSE:HOV) last announced its earnings results on Thursday, August 20th. The construction company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). The business had revenue of $705.75 million during the quarter, compared to analyst estimates of $723.50 million. Hovnanian Enterprises had a net margin of 0.64% and a return on equity of 8.64%. During the same quarter last year, the business posted $1.99 earnings per share.

Insider Activity

In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 12,880 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $125.78, for a total value of $1,620,046.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director J Larry Sorsby sold 1,032 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $142.57, for a total transaction of $147,132.24. Following the transaction, the director owned 187,416 shares in the company, valued at $26,719,899.12. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 22.67% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Hovnanian Enterprises in the 2nd quarter valued at $43,000. Osaic Holdings Inc. lifted its stake in shares of Hovnanian Enterprises by 72.1% during the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after acquiring an additional 181 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Hovnanian Enterprises by 614.1% in the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after acquiring an additional 479 shares during the last quarter. State of Wyoming acquired a new stake in Hovnanian Enterprises in the first quarter worth about $62,000. Finally, International Assets Investment Management LLC acquired a new stake in Hovnanian Enterprises in the fourth quarter worth about $117,000. 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.