Hovnanian Enterprises (NYSE:HOV) Trading Down 5.7% – What’s Next?

Shares of Hovnanian Enterprises Inc (NYSE:HOV) traded down 5.7% during trading on Friday . The company traded as low as $109.61 and last traded at $108.8650. 85,911 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 109,140 shares. The stock had previously closed at $115.46.

Wall Street Analyst Weigh In

HOV has been the topic of a number of research reports. Weiss Ratings cut Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Citizens Jmp started coverage on Hovnanian Enterprises in a research report on Thursday, April 9th. They issued a “market underperform” rating and a $74.00 target price for the company. Finally, Wall Street Zen upgraded shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Three 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, the stock has a consensus rating of “Reduce” and an average price target of $97.00.

Hovnanian Enterprises Trading Down 7.3%

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 0.43. The business’s 50 day simple moving average is $109.16 and its 200 day simple moving average is $113.82. The stock has a market cap of $635.31 million, a P/E ratio of 16.34 and a beta of 1.87.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, May 21st. The construction company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.04) by $1.58. The business had revenue of $667.65 million during the quarter, compared to analysts’ expectations of $626.40 million. Hovnanian Enterprises had a return on equity of 14.14% and a net margin of 1.92%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue bought a new stake in shares of Hovnanian Enterprises in the 3rd quarter worth about $35,000. Osaic Holdings Inc. increased its position in shares of Hovnanian Enterprises by 72.1% during 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 lifted its holdings in Hovnanian Enterprises by 614.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after purchasing an additional 479 shares during the last quarter. State of Wyoming acquired a new position in Hovnanian Enterprises in the first quarter valued at about $62,000. Finally, International Assets Investment Management LLC acquired a new position in Hovnanian Enterprises in the fourth quarter valued at about $117,000. 65.40% of the stock is owned by institutional investors.

About Hovnanian Enterprises

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.